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Personal Savings & Investments

Why not get paid to save your earnings? Invest your funds in one of Whitaker Bank’s money-saving options and earn interest while you save. It’s that easy!

 

Whitaker Savings Account

  • Only $100 to open
  • Interest-bearing account while a $100 balance is maintained
  • No maintenance fee if a $100 minimum daily balance is maintained ($5 fee per quarter if daily balance falls below $100)
  • Allowed up to six withdrawals or transfers per quarter ($3 per withdrawal in excess of six)

Youth Savings Account

  • Only $25 to open
  • Interest-bearing account
  • Designed for youth under 18 years of age
  • Allowed up to six withdrawals per quarter ($3 per withdrawal in excess of six)

Money Market Deposit Account

  • $2,500 to open
  • No monthly maintenance fee if a $2,500 minimum balance is maintained ($10 fee applies if balance falls below the required minimum)
  • Interest-bearing account while a $2,500 balance is maintained
  • Interest rates are tiered per balance maintained
  • Paid interest is compounded monthly
  • Allowed up to six withdrawals per statement cycle ($10 per withdrawal in excess of six)
  • FREE 24-hour online banking with WeB
  • FREE Check Smart or eStatements
  • FREE Phone Smart

Certificates of Deposit (CD)

Earn higher interest by securing your money at a competitive rate! With a CD at Whitaker Bank, you can select from a variety of flexible terms and rates that best meet your savings goals.

Looking for a little extra interest on your CD? Second Chance single maturity CD’s are also available at Whitaker Bank! This 24-month, adjustable rate CD allows you the opportunity to bump up your interest rate to the current rate for your term one time during the life of your CD.

Whitaker Bank also gives you the option to get paid now for saving later! Quick Cash single maturity certificates of deposit give you the option to earn the interest on your CD up front! CDs can be opened with as little as $500. Contact your local branch for more information on rates and terms in your area.

 

Health Savings Account (HSA)

Save for future qualified medical expenses on a tax-free basis! A Health Savings Account is designed as a tax-exempt trust or custodial account for paying or reimbursing qualified medical expenses of you, your spouse, and your dependents. An HSA offers unlimited check and debit transactions, with no minimum balance required!

A Health Savings Account could be right for you, if in any month, you:

  • Are covered under a High-Deductible Health Plan (HDHP) (on the first day of such month)
  • Are not covered by any other health plan that is not an HDHP (with certain exceptions for plans providing preventive care and limited types of permitted insurance and coverage)
  • Are not enrolled in Medicare
  • Cannot be claimed as a dependent on another individual’s tax return

Visit the Whitaker Bank location nearest you to learn more about Health Savings Accounts!

Individual Retirement Accounts (IRA)

Start saving for the future now -you’ll thank yourself later! Let Whitaker Bank help you prepare for retirement by setting up an IRA that’s right for you. Open an Individual Retirement Account with as little as $500 and start saving today!

  • Traditional IRAs allow you to defer taxes on your earnings (provided your withdrawal is qualified). Also, based on your household income, certain contributions are tax deductible in the year they are made. To contribute to a traditional IRA, you must be under age 70 ½ and have earned income (or your spouse must have earned income).*
  • Roth IRAs provide no deduction for contributions, but instead provide a benefit that isn’t available for any other form of retirement savings. If you meet certain requirements, all earnings are tax-free when you or your beneficiary withdraw them. Other benefits include avoiding the early distribution penalty on certain withdrawals, and avoiding the need to take minimum distributions after age 70 ½.*
  • Coverdell Education IRAs are non-deductible accounts that feature tax-free withdrawals for a very specific purpose – your child’s education expenses.*
  • SEP IRAs are employer-sponsored retirement plans through which an employer makes deductible contributions directly to each eligible employee’s traditional IRA.*

* Consult your tax advisor for more specific information when determining your eligibility for a Traditional or Roth IRA contribution or withdrawal.

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