Savings

Searching for the best savings account in Bemidji? Check out the savings accounts available to you from First National Bank Bemidji. Helping people save and manage their money since 1897, we offer several different savings accounts as well as certificates of deposit and tax-deferred retirement accounts.

As a community bank, we are proud to invest your savings dollars back into your community in the form of loans to businesses and individuals. In addition to having FDIC insurance, your deposits are protected by our strong capital position. First National Bank Bemidji is consistently awarded high ratings by bank rating agencies.

We offer four different savings accounts, each with different balance requirements and options. Please view our Savings Comparison Chart to easily look at the account options available to you. All of our savings accounts come with the following benefits:

1st Teller 24 ATM Card
Free Online Banking
Mobile Banking – access your account information via your mobile device/cell phone (message and data rates may apply)

Thrift Savings Account

A savings plan with a minimal balance requirement.

Young Investor Savings Account

An account that helps young people save for the future.

Statement Savings

An excellent basic savings plan.

Money Market Savings

A flexible account that offers easy access and a competitive interest rate.

Savings Comparison Chart

	Thrift Savings	Statement Savings*	Money Market
Minimum Opening Deposit	$50	$100	$100
Balance Requirements (to avoid monthly fee)	$50	$200	$1,000
Monthly Maintenance Fees	$1	$1	$5
Interest	credited semi annually	credited monthly	tiered for higher rates on higher balances, credited monthly
Statement Options	Issued Quarterly	Issued Monthly	Issued Monthly
Additional Benefits	First two withdrawals free with a 25¢ fee for each additional withdrawal per monthly cycle.	First five withdrawals free with a 25¢ fee for each additional withdrawal per monthly cycle.	Unlimited withdrawals or transfers made in person, at an ATM (free if using FNBB 1st Teller 24 ATMs), or by mail.
Transfer Limitations and Fees	Transfers from a Thrift Savings Account to another account or to third parties by pre-authorized, automatic, Online Banking or Mobile Banking transfers are limited to six per month with no transfers by check, draft, debit card or similar order to third parties.	Transfers from a Statement Savings Account to another account or to third parties by preauthorized, automatic, Online Banking or Mobile Banking transfers are limited to six per month with no transfers by check, draft, debit card or similar order to third parties.	Preauthorized transfers, automatic, Online Banking, Mobile Banking and checks written on Money Market Savings accounts are limited to a combined total of six per month or statement cycle. These limited transfers include items such as automatic insurance or utility payments, transfers through Online Banking or Mobile Banking and automatic loan payments to other institutions. Checks are safe kept at no additional charge, however there is a $2 charge per check copy.

*Interest is variable and subject to change weekly. There is a $25 fee for any savings account closed within 180 days of opening. We may require not less than 7 days notice in writing before each withdrawal from an interest bearing account other than a time deposit.

Certificates of Deposit (CDs)

Certificates of deposit give you a guaranteed return, along with a choice of terms. The interest rate paid on these funds varies based on the deposit amount and the term of the deposit. Rates are tiered, paying a higher rate for larger investments. Terms of CDs range from 91 days to 5 years.

View Current Deposit Rates

There is also a 1-Up option, which allows you to change your rate one time during the life of the CD, should interest rates increase.

Tax-Deferred Accounts

Individual Retirement Accounts (IRAs)

Saving for your retirement is an important choice. First National Bank Bemidji deposit services representatives have a wealth of knowledge and information. They can work with you to help you to create a retirement plan or maintain the tax-deferred status of your pension or profit sharing plan when you retire. We can provide you with brochures and other information and are available to answer your questions. Call our Deposit Services Department at 218-333-4340 or stop by any of our offices.

You may contribute any amount up to $5500 of earned income each year. You can contribute the same amount for your spouse if one or both of you are wage earners. One of you must be a wage earner. Your earnings must be equal to or exceed your contribution. Additionally, if you are age 50 or older by the end of your tax year, you are eligible to make catch-up contributions.

Contribution Limits - Individual Retirement Accounts
Tax Year	Contribution Limit	Catch-Up Limit**	Total Limit for Age 50 and Over
2016	$5,500	$1,000	$6,500
2017 and later years	$5,500 + COLA*	$1,000	$6500 + COLA*

* Subject to annual cost-of-living adjustments (COLAs), if any.

** Contributions allowed in addition to basic annual contribution
Depending on your Adjusted Gross Income (AGI) you may be able to fund both a Roth and a Traditional IRA. You will want to check with your tax preparer to determine deductibility and if you are eligible to contribute to a Roth IRA.

Traditional IRAs

An IRA is good choice if you are seeking to defer taxes. Starting your retirement savings with a Traditional IRA will give you the benefit of many years of tax-deferred savings. A Traditional IRA is also an option if your income is too high to be eligible for a Roth IRA, or you believe you will be in a lower tax bracket in retirement. A Traditional IRA can be tax deductible. Taxes are deferred until you retire and you pay taxes only on the amount you withdraw.

Roth Individual Retirement Accounts (Roth IRAs)

Roth IRAs are good choice if you’re seeking tax-free withdrawals in retirement and want to avoid required minimum distributions (RMDs) beginning at age 70 ½. These are an excellent option if you’ll be in the same or a higher tax bracket in retirement. Roth IRAs offer you an opportunity to create tax-free income during retirement. Roth IRAs can often be funded in addition to Traditional IRAs. Income limits may apply. Check with your tax-preparer for information.

IRA rollovers

If you are required to take a distribution from a qualified tax deferred savings plan or pension, you can roll it over without paying taxes until you begin to receive payments or make withdrawals. This is referred to as an IRA Rollover. There is no limit to the amount of money that can be contributed to an IRA rollover as long as the funds are coming from a qualified plan.

Coverdell Education Savings Account (CESA)

The Education IRA is now known as a Coverdell Education Savings Account (CESA.) Anyone can fund a Coverdale Education Savings Account. Education accounts are a useful tool for parents, grandparents and other adults who want to start a saving plan for education expenses. The contribution limit is $2000 per year. Contributions are not tax-deductible, but earnings and qualified educational expense distributions are tax-free. Recent changes allow more options for use of the funds.

Health Savings Account (HSA)

A Health Savings Account (HSA) is used in conjunction with a high deductible health plan. An HSA allows you to set aside funds to pay for eligible medical expenses with pre-tax dollars. We provide you with a check/debit card for your HSA. Use it anytime you wish to access funds in your HSA.

Important Facts about HSAs:

Anyone with a high deductible health plan can open an HSA.
Your employer may make contributions to your HSA.
HSAs are owned by the individual.
You are allowed to make a one-time transfer without tax consequences to fund your HSA.