Helping You Save for the Future
Savings & CDs
Whether saving for the short-term or working toward future goals, Byron Bank can help you accomplish more. We offer 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.
Smart Savings*
A simple savings account for people to save for immediate and long-term expenses. With a low opening balance, you can setup a savings plan to match your budget and money goals.
- 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 and compounded quarterly. $100.00 required to earn interest
- Visa Debit/ATM Card
ATM Card replacement $10.00
ATM, Non Byron Bank $1.00
- Statements
- E-Statement or paper statement provided
- Additional Information
- Description
- A simple savings account for people to save for immediate and long-term expenses.
Starter Savings*
To help teach healthy savings habits to our young ones, we have modified our Smart Savings to include a low opening balance and no minimum balance until the age of 14.
- Minimum to open
- $25.00
- Minimum Balance
- $100.00
- Withdrawal Limitations
- N/A
- Monthly Service Fee
- If balance falls below $100.00, $5.00 fee per quarter
- Earned Interest
- Credited and compounded quarterly. $100.00 required to earn interest
- Visa Debit/ATM Card
ATM Card replacement $10.00
ATM, Non Byron Bank $1.00
- Statements
- E-Statement or paper statement provided
- Additional Information
- Description
- To help teach healthy savings habits to our young ones, we have modified our Smart Savings to include a low opening balance and no minimum balance until the age of 14.
Investor Savings*
An interest-bearing account with tiers for higher balances. Unlike a timed deposit or investment product, this account offers the ability to withdrawal funds with no penalties.
- 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 replacement $10.00
ATM, Non Byron Bank $1.00
- Statements
- E-Statement or paper statement provided
- Additional Information
- Description
- An interest-bearing account with tiers for higher balances
Timely Savings*
A traditional club account to help you save for vacations, holidays, DIY projects and more. Money is transferred to your Byron Bank Checking Account for the holidays or roll it over every year for more savings!
- 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 a Byron Bank Checking Account to transfer club balance at end of club period. $25 early closure fee.
- Description
- A traditional club account to help you save for vacations, holidays, DIY projects and more.
Money Market*
As an alternative to a traditional checking account, a money market offers another option to earn interest with withdrawal capabilities.
- 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 and compounded monthly. $2,500.00 required to earn interest
- Visa Debit/ATM Card
ATM Card replacement $10.00
ATM, Non Byron Bank $1.00
- Statements
- E-Statement or paper statement provided
- Additional Information
- Unlimited withdrawals in person, transfers in person and ATM withdrawals
- Description
- An account that earns a higher interest rate, and also allows limited withdrawals.
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.
- 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 and compounded quarterly. CD’s 30-90 days paid at maturity
- Visa Debit/ATM Card
N/A
- Statements
- N/A
- Additional Information
- Description
More Savings Options
Byron Bank also offers additional accounts for those with special savings needs, like retirement savings.
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 IRA’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 prior to account opening and upon request.