Reliance State Bank offers different savings account options to help you achieve your short and long term financial goals. Start saving today for peace of mind tomorrow. We are here to help you get started. Stop in at either of our branch locations or apply online today!
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Personal Savings Account
With a Personal Savings account from Reliance State Bank, you can begin building your financial security. Setting aside a little money on a regular basis allows you to build a substantial sum over time. Your money will be earning interest while you save toward your financial goals.
- $200 minimum opening deposit and minimum balance
- $25 minimum opening deposit and minimum balance for minors (under age 18) - Kids, join our RSB Super Savers Club
- No monthly maintenance fee when you maintain a $200 minimum balance or a $25 minimum balance for minors*
- Interest compounded and paid quarterly
- Quarterly statement provided
- ATM access with a Reliance State Bank checking account
*If the minimum balance falls below $200 or $25 for minors, a $6.00 monthly maintenance fee applies.
Savings and money market regulations limit preauthorized transactions to 6 per statement cycle, including: checks, debit card transactions, ACH debits, Automatic Transfer debits, telephone transfer debits and internet banking debits.
First-Time Homebuyer Savings Account
Our main goal is helping customers achieve their financial goals, and homeownership is often top among those goals. In 2017, the Iowa Legislature passed a law that created a new income tax credit for first-time homebuyers. The tax credit can be accessed through the use of a homebuyer savings account, which can be opened at Reliance State Bank. To qualify for the tax deduction, the homebuyer must be a first-time homeowner who has not previously owned – either individually or jointly – a single or multifamily residence in the previous three years.
Here's how it works:
- Open Reliance State Bank Personal Savings Account
- You can make unlimited deposits each year to the homebuyer savings account
- The income tax deduction is limited to $2,000 per year when filing individually and $4,000 per year when filing jointly
- Interest earned on account balances is exempt from state income tax
- Accounts can be opened with the account holder as the beneficiary of the funds or another person can be named as beneficiary. For example, a parent could open an account in his/her name and name a child as the beneficiary. The designated beneficiary must be a first time homebuyer.
- The maximum amount that qualifies for the exemption will be adjusted annually for inflation
- The money within an account is available for up to 10 years to be used for the qualifying purchase costs of a single-family residence
- Additional details are available by contacting us at 515-733-4396 in Story City or 641-923-2801 in Garner
Click here for additional information provided by the Iowa Department of Revenue. Consult your tax advisor for specifics on deductibility.
Features of Savings Account:
- $200 opening deposit and minimum balance
- No monthly maintenance fee when you maintain a $200 minimum balance*
- Interest compounded and paid quarterly
- Quarterly statement provided
* If the minimum balance falls below $200, a $6.00 monthly maintenance fee applies.
Savings and money market regulations limit preauthorized transactions to 6 per statement cycle, including checks, debit card transactions, ACH debits, Automatic Transfer debits, telephone transfer debits and internet banking debits.
Money Market Accounts
When you are ready to take your savings to the next level, open a Reliance State Bank Money Market account. This account is an excellent way to build your financial safety net while keeping your funds liquid for that special purchase or for one of life's unexpected events. A Money Market account potentially earns a higher interest rate than a Personal Savings account.
- $2,500 minimum opening deposit and balance
- No monthly maintenance fee when you maintain a $2,500 minimum balance*
- Interest compounded and paid monthly
- Unlimited cash withdrawals and in-bank transfers
- Monthly statements provided
- ATM, Touch Tone Teller, Online and Mobile Banking access
- Limited check writing option available
*If the minimum balance falls below $2,500, a $10.00 monthly maintenance fee (plus sales tax) applies.
Savings and Money Market regulations limit preauthorized transactions to 6 per statement cycle including: checks, debit card transactions, ACH debits, Automatic Transfer debits, telephone transfer debits and internet banking debits.
Power up! Simplify your savings goals with Power Banking. Set up automatic transfers from checking to savings each month to make the process effortless. Start Power Banking today!
RSB Super Savers Club for Kids
Reliance State Bank is committed to helping our youth learn the importance of saving money. RSB Super Savers Club for kids (under age 18) is designed to develop lifelong savings skills while having fun!
With a Personal Savings account, our RSB Super Savers Club will reward kids for saving with stamp cards that earn prizes once they are filled with stamps. Visit with your kids about starting a savings account today and about becoming a STAR SUPER SAVER!
- OPEN a Reliance State Bank Personal Savings Account if you don't have one.
- JOIN the RSB Super Savers Club for fun benefits such as:
- Free Piggy Bank
- Free Account Register & Savers Stamp Cards
- Receive one stamp for each $5 deposit made, up to 3 stamps per visit
- 2nd Saturday of each month is DOUBLE STAMP DAY!
Two stamps for each $5 deposit made, up to 6 stamps per visit.
- REWARDS - When your savers stamp card is completed (24 stamps), visit the bank, turn in your stamp card and pick up your prize and your next stamp card. You will receive a prize with the completed stamp card regardless of the minimum balance requirement in your account at that time. Bonus amounts (prizes) may vary.
- YOU ARE A STAR SUPER SAVER!
Coverdell Education Savings Account
A Coverdell Education Savings Account was designed as an investment option to finance the qualified education expenses of a designated beneficiary. Check with your attorney or tax advisor regarding your qualifying income and the tax advantages of a Coverdell Education Savings Account.
A few highlights include:
- A good investment choice for your child or grandchild's education
- Money may be used for elementary through high school, or college expenses
- Generally, you may make an annual contribution of $2,000 for a designated beneficiary
- Contributions can be made for a beneficiary under the age of 18
Read more about Coverdell Education Savings Accounts in this IRS Tax Publication and the benefits for education. Next check with you attorney or tax advisor regarding your specific situation. Please call us at 515-733-4396 in Story City or 641-923-2801 in Garner to open a Coverdell Savings Account.
Visit either of our branches to learn more and open a Coverdell Education Savings Account.