Your long-term financial success is important to us! That’s why First National Bank of Milaca offers a variety of options to help you set aside money for unexpected expenses or to simply build a nest egg.
Basic Savings Account
Competitive interest rate and complete access to your money.
Benefits
- Earned Interest - Contact us for current rates!
- Easy access to online e-statements1
- Free Direct Deposit
- Free Online/Mobile Banking
Requirements
- $25 minimum opening deposit
- Maintain a $50 average daily balance each month to avoid $1 monthly service charge
Enhance Your Account
Savings Calculator
Find out how consistent investments over a number of years can be an effective strategy to accumulate wealth. Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Fees and charges may reduce earnings
See Common Fee Schedule for related fees and charges
1 Subject to $3 printed statement fee if e-statement enrollment cancelled
Kids Savings
The earlier you can start saving money the better. Start now!
Benefits
- Automatically enrolled in Kids Club
- Earned Interest - Contact us for current rates!
- No minimum balance
- Mailed statements
- Free Direct Deposit
Requirements
- Primary Account holder must be 12 years old or younger
Fees and charges may reduce earnings
See Common Fee Schedule for related fees and charges
Christmas Savings
A special account to help you save for the Christmas season.
How it works
Deposit money into your Christmas Savings Account as often as you’d like throughout the year. The first week of November, you will receive a check in the mail that includes your balance plus the interest earned on the account. Time to shop!
Benefits
- All Savings – no withdrawals
- Receive a check for the balance in the first week of November
- Earned Interest - Contact us for current rates!
- No minimum balance requirements
- No monthly service charge
- Free Direct Deposit
- Quarterly / monthly mailed statements
Enhance Your Account
See Common Fee Schedule for related fees and charges
Health Savings Accounts(HSA)
Tax deferred savings for health expenses.
Benefits
- Earned Interest - Contact us for current rates!
- Contributions are tax deductible
- No minimum balance requirement
- No monthly service charge
- Mailed statements
Requirements
- Must have high deductible health plan
- Must be under 65 or not yet signed up for Medicare
- Funds must be used for qualified medical expenses to avoid tax consequences
- Contribution limitations apply
Enhance Your Account
See Common Fee Schedule for related fees and charges
Coverdell Education Savings Account (CESA)
A perfect way to save for education from kindergarten through college.
Benefits
- Earned Interest - Contact us for current rates!
- Nondeductible contributions up to $2,000 per year1
- Funds benefit minor’s elementary, secondary and higher education expenses
- Tax Free qualified withdrawals
- Custodial account
- Transferable to other qualified education savings accounts and tuition programs
Requirements
- Account holder must be under 18
- Must have legal adult custodian
- Funds used for education of account holder to avoid taxation
Minnesota’s Uniform Transfer to Minors Act (UTMA) Savings
A great way to set aside funds for a child’s future use!
Benefits
- Earned Interest - Contact us for current rates!
- No minimum balance
- Mailed statements
- Funds benefit minor
- Custodial account until minor meets age of majority
Requirements
- Account holder must be under 18
- Must have legal adult custodian
- Funds must be used to benefit the minor
College Savings
Use this calculator to help develop or fine tune your education savings plan. Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Enhance Your Account
See Common Fee Schedule for related fees and charges
1 Subject to modified adjusted gross income limits.
Certificate of Deposit (CDs)
The safest investment you can make. Fixed interest rates and insured by the FDIC. Invest your money worry free and watch it grow.
Benefits
- Fixed interest rates - Contact us for current rates!
- Multiple terms offered - 12 months, 18 months, 24 months, 36 months
Requirements
- $500 minimum balance
- Penalties may apply if withdrawn early
Fees and charges may reduce earnings
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See Common Fee Schedule for related fees and charges
Teen Savings Account
Prepare your teens for future financial independence!
Benefits
- No minimum balance
- Easy access to online e-statements1
- Free Online/Mobile Banking
- Mobile Deposit for easy access deposits
- Account email and text alerts to help monitor your account
- My Spending helps you track your spending habits
- Export transaction history to other management software tools
- Quick access to online statements with e-statements1
- Free Direct Deposit
Requirements
- Primary account holder must be between ages 13 and 17
- Joint with parent or legal guardian
- $25 minimum opening deposit
- Online Banking access – requires parent or legal guardian authorization
Enhance Your Account
See Common Fee Schedule for related fees and charges
1 Subject to $3 printed statement fee if e-statement enrollment cancelled