Savings | Union State Bank

Savings

At Union State Bank, we offer a range of savings choices to fit your financial planning. Start saving today for your piece of mind.

Account Options

All Union State Bank savings accounts offer:

  • Free Online Banking
  • Free Mobile Banking
  • Free Mobile Deposit
  • Free eStatements

Personal Savings

  • Minimum $25 opening deposit
  • You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed annual percentage yield.
  • Interest compounded and credited quarterly.
  • Interest rate and annual percentage yield may change at bank's discretion.
  • Quarterly statement report of all activity
  • Bill Pay is available

Christmas Club Savings

  • Minimum $25 opening deposit
  • You'll receive a check in October, including interest, for the entire account balance – just in time for the holidays
  • Make additional deposits in person or online
  • Make periodic transfers for a designated amount from one of your other Union State Bank accounts or another financial institution.
  • Interest rate and annual percentage yield may change at bank's discretion.

Money Market Account

  • $2,500 minimum daily balance requirement
  • A maintenance fee will be imposed if the $2,500 daily balance is not maintained
  • Interest is compounded and credited monthly
  • Interest rate and annual percentage yield may change at bank's discretion
  • Monthly detailed statements include images of your checks
  • Images of your checks available online
  • Unlimited access to your account in person or by mail
  • Bill Pay is available

*Annual Percentage Yield effective 9-1-22. We may change the interest rate on your account at any time. Interest compounded monthly. Interest will be credited to your account monthly. To open this account, you must deposit at least $2,500.00. You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed annual percentage yield. A maintenance fee of $5.00 will be imposed every month if the daily balance in the account falls below $2,500.00 any day of the month. Fees could reduce the earnings on this account. We use the daily balance method to calculate the interest on your account.

TIERED RATE ACCOUNTS:

If your daily balance is $2,499.99 or less, the interest rate paid on the entire balance in your account will be .10% with an annual percentage yield of .10%.

If your daily balance is more than $2,499.99, but less than $10,000.00 the interest rate paid on the entire balance in your account will be .40% with an annual percentage yield of .40%.
If your daily balance is more than $9,999.99, but less than $25,000.00 the interest rate paid on the entire balance in your account will be .45% with an annual percentage yield of .45%.
If your daily balance is more than $24,999.99, but less than $50,000.00 the interest rate paid on the entire balance in your account will be .50% with an annual percentage yield of .50%.
If your daily balance is more than $49,999.99, but less than $100,000.00 the interest rate paid on the entire balance in your account will be .60% with an annual percentage yield of .60%.
If your daily balance is more than $99,999.99, but less than $250,000.00 the interest rate paid on the entire balance in your account will be .75% with an annual percentage yield of .75%.
If your daily balance is $250,000.00 or more, the interest rate paid on the entire balance in your account will be 1.00% with an annual percentage yield of 1.00%.

Junior Savings

Offered for children through age 18. In the year the child reaches 18, this account will be converted to a Statement Savings.

  • Minimum $10.00 opening deposit
  • The bank will deposit a one-time premium of $5.00 at the time of account opening.
  • You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed annual percentage yield.
  • Interest compounded and credited quarterly.
  • Interest rate and annual percentage yield may change at bank's discretion.
  • Savers receive a quarterly account statement

Long Term Savings

Certificates of Deposit (CD's)

Earn a guaranteed rate of interest for a specific time period without the fear of losing any principal. Perfect for your longer-term savings plan!

  • $500 minimum opening balance
  • Maturity dates range from 6 months to 60 months
  • Penalties may apply for early withdrawal
  • Interest may be compounded or paid periodically by check or transferred to another Union State Bank account.

Individual Retirement Accounts (IRA's)

The personal tax-sheltered retirement savings plan that allows you to build up a substantial fund for your retirement. We offer you a choice:

  • Traditional IRA – may be immediately tax-deductible while the interest you earn on your investment is tax-deferred until you begin taking distributions
  • Roth IRA – provides no immediate tax advantage but provides withdrawals of both principal and interest that are completely tax-free, providing you follow certain requirements.
  • SEP IRA – the Simplified Employer Pension Plan is a retirement plan for small business owners and self-employed individuals. SEP's allow a much larger contribution than Traditional or ROTH IRA.

After you have established your tax-sheltered retirement savings plan with us, you can choose our investment options:

  1. Variable IRA – You can open this account for only $25.00 under any retirement plan and make periodic automatic deposits from another Union State Bank account or add at your discretion.
  2. Fixed Rate IRA – with $500 minimum deposit to a retirement plan CD, you have a choice of several terms at a guaranteed rate of interest for the term you choose.

Rates

At Union State Bank, we strive to provide competitive rates along with excellent customer service. For information on our rates and fees, please call us at 608-786-0600 or 608-786-6200.

Get Started

Stop by one of our West Salem locations today to start saving for the future!

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