Savings & CDs

Personal Savings

  • An excellent account to accumulate money for vacation, emergencies or larger investments. Interest is compounded quarterly.
  • A maintenance fee is charged if your balance falls below $100. This is waived for young people under 14.
  • An ATM card can be attached to this account for easy withdrawals.

Christmas Club

  • A great account to plan ahead for the holidays. This account earns interest.
  • You can deposit any amount you choose weekly.
  • The balance is deposited into your Byron Bank checking or savings account in October, giving you plenty of time to purchase the perfect gifts for friends and family.

Certificate of Deposit

  • A well-established safe method of receiving a higher rate of interest on money you do not need in the near future.
  • Certificate terms are available for 30 days to 5 years with the rate increasing in relation to the time and the amount of money invested.
  • Interest is paid and compounded quarterly.  30 to 90 day Certificates compound and are paid at maturity.   There is a penalty for early withdrawals.

Individual Retirement Account (IRA)

  • Save for your future and your retirement. A good account to save on income taxes.
  • Government rules set the maximum contribution depending on your income.
  • Byron Bank offers IRA’s as CD’s, variable-rate IRA’s and annuity IRA’s.
  • We also have a passbook IRA account to hold roll-over funds if you are changing jobs. (Without penalty)

 

Health Savings Account

  • For owners of qualified high deductible health plans.
  • Why open a Byron Bank HSA? Because you’ll have:
    • Three-fold tax savings
    • Flexibility
    • No “Use it or lose it” as with cafeteria plans
    • Ownership control
    • Contribution options
    • HSA Debit Cards are available for easy withdrawal of funds and purchases of qualifying expenses.
  • Establishing a Byron Bank HSA will give you every opportunity for future savings on healthcare expenses. With premium savings and tax advantages, it is easy to see the money in your pocket.
  • An individual is eligible as long as they are:
    • Covered by a qualified high deductible health plan
    • Not covered by any other health plan
    • Not enrolled in Medicare
    • Not claimed as a dependent on another individual tax return
  • 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 expense, and the balance in your account will continue to grow with tax-free earnings.
  • You have ownership control of your Byron Bank HSA.

Other Investments

  • Through Byron Financial Services we offer free financial and estate planning as well as the following investment opportunities:
  • Variable and indexed annuities, mutual funds, college savings plans, 529 plans, stocks, real estate investment trusts, group planning for your business and long term care insurance.
  • Not FDIC Insured. Not Bank Guaranteed. May Lose Value. Not Insured by any Federal Agency. Not a Bank Deposit.