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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

Requirements

  • $25 minimum opening deposit
  • Maintain a $50 average daily balance each month to avoid $1 monthly service charge
  • Limitations on certain withdrawals and transfers**

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

**Federal Law (Regulation D) limits certain types of withdrawals and transfers from a savings or money market account (MMDA) to a combined total of six (6) per account cycle (calendar month).  This includes, but is not limited to, pre-authorized withdrawals such as automatic Ready Transfer used for overdraft protection and transfers made by telephone, online banking, mobile banking, telephone banking, facsimile, or bill pay;  debit or ATM card point-of-sale (POS) purchases; and withdrawals made by check or draft to third parties.  If limitations are continuously exceeded, the account may be converted to a Checking account.

Regulation D allows unlimited transfers or withdrawals from a saving account/MMDA when made in person at any one of our branch offices, by mail, messenger, ATM, or when such withdrawals are made by telephone provided a check is mailed to the account holder. Transfers to repay loans at the bank and to pay safe deposit box rent are also unlimited.

Kids Savings

The earlier you can start saving money the better. Start now!

Benefits

Requirements

  • Primary Account holder must be 12 years old or younger
  • Limitations on certain withdrawals and transfers**
Kids Club Saving Account - Logo

Fees and charges may reduce earnings


See Common Fee Schedule for related fees and charges

**Federal Law (Regulation D) limits certain types of withdrawals and transfers from a savings or money market account (MMDA) to a combined total of six (6) per account cycle (calendar month).  This includes, but is not limited to, pre-authorized withdrawals such as automatic Ready Transfer used for overdraft protection and transfers made by telephone, online banking, mobile banking, telephone banking, facsimile, or bill pay;  debit or ATM card point-of-sale (POS) purchases; and withdrawals made by check or draft to third parties.  If limitations are continuously exceeded, the account may be converted to a Checking account.

Regulation D allows unlimited transfers or withdrawals from a saving account/MMDA when made in person at any one of our branch offices, by mail, messenger, ATM, or when such withdrawals are made by telephone provided a check is mailed to the account holder. Transfers to repay loans at the bank and to pay safe deposit box rent are also unlimited.

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
  • Limitations on certain withdrawals and transfers apply**
Enhance Your Account

See Common Fee Schedule for related fees and charges

1 Subject to modified adjusted gross income limits.

**Federal Law (Regulation D) limits certain types of withdrawals and transfers from a savings or money market account (MMDA) to a combined total of six (6) per account cycle (calendar month).  This includes, but is not limited to, pre-authorized withdrawals such as automatic Ready Transfer used for overdraft protection and transfers made by telephone, online banking, mobile banking, telephone banking, facsimile, or bill pay;  debit or ATM card point-of-sale (POS) purchases; and withdrawals made by check or draft to third parties.  If limitations are continuously exceeded, the account may be converted to a Checking account.

Regulation D allows unlimited transfers or withdrawals from a saving account/MMDA when made in person at any one of our branch offices, by mail, messenger, ATM, or when such withdrawals are made by telephone provided a check is mailed to the account holder. Transfers to repay loans at the bank and to pay safe deposit box rent are also unlimited.

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

You may be interested in:

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
  • Limitations for certain withdrawals & transfers**

See Common Fee Schedule for related fees and charges

1 Subject to $3 printed statement fee if e-statement enrollment cancelled

**Federal Law (Regulation D) limits certain types of withdrawals and transfers from a savings or money market account (MMDA) to a combined total of six (6) per account cycle (calendar month). This includes, but is not limited to, pre-authorized withdrawals such as automatic Ready Transfer used for overdraft protection and transfers made by telephone, online banking, mobile banking, telephone banking, facsimile, or bill pay; debit or ATM card point-of-sale (POS) purchases; and withdrawals made by check or draft to third parties. If limitations are continuously exceeded, the account may be converted to a Checking account.

Regulation D allows unlimited transfers or withdrawals from a saving account/MMDA when made in person at any one of our branch offices, by mail, messenger, ATM, or when such withdrawals are made by telephone provided a check is mailed to the account holder. Transfers to repay loans at the bank and to pay safe deposit box rent are also unlimited.