Personal Solutions
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Money Market Accounts
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 daily access which makes these accounts a solid choice for customers who may need immediate liquidity. We will generally always have several different Money Market options to choose from including our Investment Money Market and our Ultimate Money Market accounts.
Investment Money Market Checking
- $5,000 minimum deposit to open
- $15.00 Monthly Service Charge on balances below $5,000
- Unlimited in-person transactions – Checks and other non-personal withdrawals (including online transfers) are limited to no more than six each month. $10.00 each over six.
- First twenty items deposited each month are Free. $.25/item deposited over twenty.
- Instant Issue Debit Card
- e-Statements are recommended -- Free Paper Statements available
- $800 Overdraft Privilege
Interest Tiers
- $150,000+
- $75,000 - $149,999
- $50,000 - $74,999
- $30,000 - $49,999
- $5,000 - $29,999
No interest paid on balances below $5,000
Ultimate Money Market
- $25,000 minimum deposit to open
- $25.00 Monthly Service Charge on balances below $25,000
- Unlimited in-person transactions – Checks and other non-personal withdrawals (including online transfers) are limited to no more than six each month. $10.00 each over six.
- First twenty items deposited each month are Free. $.25/item deposited over twenty.
- Instant Issue Debit Card
- e-Statements are recommended -- Free Paper Statements available
- $800 Overdraft Privilege
Interest Tiers
- $150,000+
- $100,000 - $149,999
- $75,000 - $99,999
- $50,000 - $74,999
- $25,000 - $49,999
No interest paid on balances below $25,000
Savings Accounts
For our individual customers, we have two Savings Account options … Progressive Savings and Progressive Power Savings. In addition, to encourage excellent savings habits from an early age, we waive our quarterly Regular Savings service fees for our young savers through age 17.
Progressive Savings
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- $50 minimum deposit to open
- $12.00 Quarterly Service Charge on balances below $400
- $2.00 service charge for every withdrawal over three (3) per calendar quarter, regardless of balance
- First twenty items deposited each month are Free. $.25/item deposited over twenty.
- Instant Issue Debit Card
- e-Statements are recommended -- Free Paper Statements available
- Interest paid on all balances
Progressive Power Savings
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- $50 minimum deposit to open
- $12.00 Quarterly Service Charge on balances below $400
- $2.00 service charge for every withdrawal over three (3) per calendar quarter, regardless of balance
- First twenty items deposited each month are Free. $.25/item deposited over twenty.
- Instant Issue Debit Card
- e-Statements are recommended -- Free Paper Statements available
Interest Tiers
- $25,000+
- $10,000 - $24,999
- $2,500 - $9,999
- Up to $2,499
Health Savings Accounts
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 service charge 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.
- $100 minimum deposit to open
- Instant Issue Debit Card
- e-Statements are recommended -- Free Paper Statements available
Interest Tiers
- $50,000+
- $20,000 - $49,999
- $5,000 - $19,999
- Up to $4,999
*Always consult your tax advisor to determine HSA deductibility for your particular 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 CDs 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.
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 particular situation.
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