Savings & CDs
Byron Bank's savings account options feature competitive rates to grow your hard-earned money. Whether saving for the short-term or working toward future goals, we can help you accomplish more. We offer a choice of options designed to match your individual financial goals.
Have questions about our Savings and CD's? Please contact Customer Service or call us at (815) 234-2561 and we will be more than happy to answer any questions you might have.
Money Market*
If you are seeking to earn a higher interest rate, but want to keep your funds available for easy access, ask us about a Money Market. A Money Market Account is a combined checking and savings account that earns a higher interest rate, and also allows limited access to your account. The more you have on deposit; the higher the interest rate. Account holders must maintain a minimum daily balance of $2,500 to avoid a monthly service fee.
- Minimum to open
- $2,500.00
- Minimum Balance
- $2,500.00 to avoid a monthly service fee and earn interest.
- Withdrawal Limitations
- Six (6) withdrawals per month (checks, auto transfers, telephone or authorization agreement)
- Monthly Service Fee
- If balance falls below $2,500.00 $9.00 fee per month
- Earned Interest
- Three-tiered rate structure credited + compounded monthly. $2,500.00 required to earn interest.
- Visa Debit/ATM Card
Card Issue $8.00
ATM, Non Byron Bank $1.00
- Statements
- E-Statement or paper statement provided
- Additional Information
- Unlimited withdrawals in person, transfers in person + ATM withdrawals
- Description
- An account that earns a higher interest rate, and also allows limited withdrawals.
Personal Savings*
Planning for a much needed vacation? Do you want the safety and security of having funds available for emergencies or just a safe place to save for larger investments? A Personal Savings Account is the perfect way to start saving for whatever you need or enjoy. Interest is compounded and paid quarterly. An ATM card may be attached to this account for easier withdrawals. Account holders must maintain a minimum daily balance of $100 to avoid a monthly service fee. Open up a Personal Savings account today and start preparing for life’s unexpected events or fulfill that life-long dream.
- Minimum to open
- $100.00
- Minimum Balance
- $100.00 to avoid a monthly service fee and earn interest.
- Withdrawal Limitations
- N/A
- Monthly Service Fee
- If balance falls below $100.00 $5.00 fee per quarter
- Earned Interest
- Credited + compounded quarterly. $100.00 required to earn interest.
- Visa Debit/ATM Card
ATM Card Issue $8.00
ATM, Non Byron Bank $1.00
- Statements
- E-Statement or paper statement provided
- Additional Information
- Description
- The perfect way to start saving for whatever your need or enjoyment.
Investor Savings*
Serious about saving? Our Investor Savings Account allows you to earn a higher rate of interest based on the amount of your deposit and is more liquid than a Certificate of Deposit by allowing four withdrawals per quarter. Our multi-tiered interest earning structure is there to encourage a higher level of savings. Account holders must maintain a minimum daily balance of $25,000 to avoid a monthly service fee.
- Minimum to open
- $25,000.00
- Minimum Balance
- $25,000.00 to avoid a monthly service fee and earn interest.
- Withdrawal Limitations
- Four (4) withdrawals or transfers per quarter. $10.00 fee for each additional withdrawal over 4
- Monthly Service Fee
- If balance falls below $25,000.00 $25.00 fee per quarter
- Earned Interest
- Five-tiered rate structure credited and compounded quarterly. $25,000.00 required to earn interest.
- Visa Debit/ATM Card
ATM Card Issue $8.00
ATM, Non Byron Bank $1.00
- Statements
- E-Statement or paper statement provided
- Additional Information
- Description
- Earn a higher rate of interest based on the amount of your deposit.
Christmas Club*
Don’t want to be short of cash for the holidays? A Christmas Club Account earns interest and helps you save so you will have money to shop for the holidays. You can deposit any amount of your choosing. No early withdrawals. The Christmas Club is a savings account apart from your other accounts. During the month of October the funds from this account are transferred into your Byron Bank checking or savings account giving you plenty of time to purchase the perfect gifts for friends and family.
- Minimum to open
- $5.00
- Minimum Balance
- N/A
- Withdrawal Limitations
- No withdrawals allowed
- Monthly Service Fee
- Earned Interest
- Paid at maturity
- Visa Debit/ATM Card
N/A
- Statements
- Provided at end of club period
- Additional Information
- Must have another Byron Bank account to transfer club balance at end of club period
- Description
- An interest-bearing account to help you save for the holidays.
Certificate of Deposit (CD)*
Byron Bank can help you plan for your future and financial goals with a Certificate of Deposit. A Certificate of Deposit (CD) is a well-established, safe method of receiving a higher rate of interest and is available for terms of 30 days to 5 years with the interest rate increasing in relation to the time and the amount of money invested. Interest is paid and compounded quarterly for terms 6 months and older; 30 to 90 day certificates compound and are paid at maturity. There is a penalty for early withdrawal. Byron Bank often offers CD Specials! Watch for announcements on our website!
- Minimum to open
- $1,000.00 all terms, $500.00 for 1-2-3- 4-5 year terms only
- Minimum Balance
- Withdrawal Limitations
- Penalty for early withdrawal. See Byron Bank CSR for details
- Monthly Service Fee
- Earned Interest
- CD’s 6 month and older paid + compounded quarterly. CD’s 30-90 days paid at maturity.
- Visa Debit/ATM Card
N/A
- Statements
- N/A
- Additional Information
- We offer CD specials regularly. Call or watch for announcements on our website!
- Description
Health Savings Account*
Concerned about rising healthcare costs? Consider a Health Savings Account. Establishing a Byron Bank HSA will give you every opportunity for future savings on healthcare expenses. A Byron Bank HSA will allow you to make contributions with pre-tax dollars, take tax-free and penalty-free distributions for any qualified medical expenses, and the balance in your account will continue to grow with tax-free earnings. An HSA debit card and HSA checks are available for easy withdrawal of funds and purchases of qualifying expenses. Do you qualify for a Health Savings Account? Please contact a Customer Service Representative to find out and we would be more than happy to walk you through the steps.
- Minimum to open
- $100.00
- Minimum Balance
- $100.00 to avoid a monthly service fee.
- Withdrawal Limitations
- N/A
- Monthly Service Fee
- If balance falls below $100.00 $2.00 fee per month
- Earned Interest
- Two-tiered rate structure credited + compounded monthly
- Visa Debit/ATM Card
Free HSA Debit Card or Free HSA checks available
- Statements
- Transcript statement provided quarterly
- Additional Information
- High deductible Health Plan required. See Byron Bank CSR for additional requirements and information.
- Description
More Savings Options
Byron Bank also offers additional accounts for young savers and those with special savings needs like retirement savings.
Young Person's Savings Account*
You are never too young to start saving for the future. For children under the age of 14, we offer a Young Person’s Savings Account. The minimum opening deposit is $50 and the service charge is waived for the first 2 years after opening so that the balance in the account can reach the minimum daily balance requirement of $100. And for the very young, ask our Customer Service Representative about an ILUTMA custodial account to start saving for their future right away.
Individual Retirement Account (IRA)*
It is never too soon to plan for your future and your retirement. An IRA is a good account to do just that. Byron Bank offers IRS’s as CD’s and annuity IRA’s. We also have a passbook IRA account to hold roll-over funds (without penalty) if you are changing jobs. Planning for retirement shouldn’t be complicated. Let one of our Customer Service Representatives or Financial Consultants explain the many options available so you can choose the retirement plan that best suits your future and your lifestyle.
*Full Disclosure provided at account opening.