Deposit Money Market Savings

Money Market & Savings

Perhaps you are saving for your dream vacation or you just want some extra dollars hidden away for a rainy day. No matter what your purpose, Progressive Bank offers Money Market & Savings products to help you reach your financial goals. And, for all of our Money Market and Savings Accounts, Online Banking and our PB Mobile app, along with a MasterCardTM Debit Card (Money Market Only)* or ATM Card, are available at no cost.

Money Market

Our Money Market accounts are designed for customers who want to maximize the return on their deposits but who prefer the flexibility of easy access to their funds that a certificate of deposit may not provide.  Money Market accounts combine the ability to earn higher rates with limited check access which makes these accounts the best choice for customers who may need immediate liquidity.

Savings

Planning for a financially secure future is always a wise choice ... and we have the Savings Accounts to help you do just that.  For our individual customers, we have two Savings Account options ... Regular Savings and Power Savings.  In addition, to encourage excellent savings habits from an early age, we waive our quarterly service fees for our young savers up to age 17.

To help you decide which account suits you best, we have summarized the features in this Personal Money Market and Savings Comparison.

Personal Money Market & Savings Comparison 

Product

Money Market Checking

Investment Money Market

Ultimate Money Market

Regular Savings

Power Savings

Availability

Individuals

Minimum to Open

$2,000

$5,000

$25,000

$100

Interest

Checkmark

Tiered
Minimum Balance to Earn Interest: $2,500.00

Checkmark

Tiered
Minimum Balance to Earn Interest: $5,000.00

Checkmark

Tiered
Minimum Balance to Earn Interest: $25,000.00

Checkmark

Checkmark

Tiered

Service Fee

$2,500 and Above

No Fee

Below $2,500

$12.00
per Month

$5,000 and Above

No Fee

Below $5,000

$15.00
per Month

$25,000 and Above

No Fee

Below $25,000

$25.00
per Month

$400 and Above

No Fee

Below $400

$9.95
per Quarter

Access by Check

Checkmark

Checkmark

Checkmark

 

 

Per Check / Withdrawal Fee

Limited to no more than six checks/transfers each month.
$10.00/each over six.

Three Free withdrawals each quarter
$2.00 each over three.

Deposited Items Fee

$.25/item deposited above twenty each month

e-Statements

Recommended

ATM Transactions

Unlimited Free at PB ATMs

Three Free withdrawals each quarter
$2.00 each over three.

Overdraft Privilege*

$800.00

 

 

Other Limitations

 

 

 

Limited by regulation to a maximum of six transfers by way of check, draft, debit card, or similar order made payable to a third party from Savings each month

*Debit Card and Overdraft Privilege pending approval. NSF/OD charges & other auxiliary fees may apply.  Monthly Service Fees based on minimum daily balance.  Refer to Checking section for additional Overdraft Privilege and Safety Net Overdraft Protection information.

Health Savings

A Health Savings Account (HSA) is a convenient way to put money away for future medical expenses, including those not covered by health insurance, dental insurance, or vision care.  An HSA combines a high-deductible health insurance plan (HDHP) with a tax-advantaged* savings account.  High deductible health insurance plans usually are less expensive than traditional plans because the insurance company does not have to process and pay claims for routine, lower-dollar claim amounts. 

Who Can Have an HSA?

Any adult can contribute to an HSA if they:

  • Have coverage under an HSA-qualified HDHP
  • Have no other first-dollar medical coverage
  • Are not enrolled in Medicare
  • Cannot be claimed as a dependent on someone else's tax return

Contributions

Contributions to your HSA can be made by you, your employer, or both.  However, the total contributions are limited annually.  If you are age 55 and older, you may also qualify to make 'catch-up' contributions.  If you make a contribution, you can deduct the contribution (even if you do not itemize deductions) when completing your federal tax return*.

Contributions to the account must stop once you are enrolled in Medicare.  However, you can keep the money in your account and use it to pay for medical expenses tax-free.

Keep in mind:  Any funds you withdraw for non-qualified expenses will be taxed at your normal income-tax rate, plus a 20% tax penalty.  However, once you turn age 65, of if you become disabled, the 20% additional tax penalty no longer applies.  If you become disabled and/or enroll in Medicare, the account can be used for other purposes without paying the additional 20% penalty as well.

HSAs at Progressive Bank

Our Health Savings Account is offered as an interest-bearing checking account to:

  • Provide easy access to HSA funds through our HSA Debit Card
  • Earn interest on your HSA funds

We also have separate fee schedules for our HSAs depending on whether the HSA is set up by the individual or by the employer.

For more information about Health Savings Accounts, or to find out if you participate in a high deductible health insurance plan, contact any Progressive Bank Financial Center or Deposit Account Services.

*Always consult your tax advisor to determine HSA deductibility for your situation.

Certificates of Deposit

Certificates of Deposit (CDs) are ideal for today's investor because they are FDIC insured (up to current FDIC insurance limits), allow you to earn competitive interest rates, and offer terms to meet your individual savings needs. With maturities ranging from 3 months to 60 months, our CD's give you the opportunity to lock in an interest rate that is guaranteed for the term of the certificate.  Interest rates and annual percentage yields (APYs) vary depending on the time commitment associated with the certificate.

For a CD with more flexibility, try our 6 Month AddVantage CD. This CD allows you to make additional deposits to your CD any time during the CD term and even allows you to make one penalty free withdrawal during each CD term.

We also offer a 24 Month Step CD.  This CD allows you to 'bump' the interest rate on your CD one time during the 24-month period if the posted 24 Month CD rate should go up during that time.  It is the customer's responsibility to notify us that he would like to take advantage of the 'bump'. 

Individual Retirement Accounts

An Individual Retirement Account (IRA) is an account into which a customer, subject to certain restrictions, can make deposits and earn interest for retirement purposes.  Withdrawals from an IRA are not permitted without penalty until the depositor reaches age 59½.

We offer a number of different types of IRAs all designed as IRA time deposits (IRA CDs).  These include:

  • Traditional IRA – often tax deductible*, transactions and earnings within the IRA generally have no tax impact, and withdrawals at retirement are taxed as regular income.
  • Roth IRA – contributions are made with after-tax assets, transactions within the IRA generally have no tax impact, and withdrawals are usually tax-free.
  • SEP IRA – provides the opportunity for an employer (typically a small business or self-employed individual) to make retirement plan contributions into a Traditional IRA established in the employee's name, instead of to a pension fund account in the company's name.

For more information about Individual Retirement Accounts, contact any Progressive Bank Financial Center or Deposit Account Services.

*Always consult your tax advisor to determine IRA deductibility for your situation.

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