Savings Accounts

Home Deposit Accounts Savings Accounts
At Exchange State Bank, we make savings accounts simple.  A Basic Savings Account allows you to earn interest on your savings while the Hi-Fi Money Market is our tiered rate savings account for higher interest rates and annual yield.  
 
We also offer Christmas Club Savings Accounts!  Call and ask for more information!
 
 

Basic Savings Accounts

Exchange State Bank offers you a basic savings account with competitive interest rates.  Interest is credited to your account semi-annually, but compounded daily.  There is no minimum balance requirement to open a savings account with us, so start your savings plan today!
 

Hi-Fi Money Market

The Hi-Fi Money Market has a minimum opening deposit of $2,500 with interest varying depending on the daily balance in the account.  Fees include:
  • Overdraft (per check) $20.00
  • Insufficient funds (per item) (return check) $25.00
  • Stop payment request $15.00
  • Monthly fee if your balance falls below $1000
 
To get started with Hi-Fi Money Market, contact Exchange State Bank.
 

Interest Rates

Interest rates and annual percentage yields (APY) are subject to change at any time and accrues on the same business day that you deposit non-cash items.  For Basic Savings Accounts, based on the daily balance method, Exchange State Bank calculates interest by applying a daily periodic rate to the principal amount, which is compounded daily and credited to the account semi-annually. For Hi-Fi Money Market Accounts, based on the daily balance method, Exchange State Bank calculates interest by applying a daily periodic rate to the principal amount, which is compounded monthly and credited to the account monthly.
 
 

Withdrawals/Transfers

Exchange State Bank allows savings account holders up to six (6) withdrawals/transfers per statement period to either your account or a third party account.  Savings account holders can make withdrawals or transfers using preauthorized or automatic transfer or order or instruction.
 

Charges/Fees

Savings account holders may receive some charges and fees for a dormant account, overdraft or low account balance.  If an account is inactive for three years with a balance under $25, we will charge a quarterly fee of $1.50.  Savings accounts with an average balance under $100 will be charged $6 semi-annually on 6/30 and 12/31, but are waived for children under 6 or full-time students.  For overdrafts, account holders will be charged $20 per item.
 
For tips on avoiding savings account charges and building your savings, contact Exchange State Bank today!