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At Iowa Trust and Savings Bank, our Savings Accounts are designed to accommodate diverse financial needs. A variety of choices are available to customers. Following are list of choices designed to help you achieve your savings goal.

Investors Choice Savings
A high yield savings account that requires a minimum balance of $5,000. This account earns a variable rate of interest. Accounts falling below $5,000 during a statement cycle will be charged a $10.00* monthly maintenance fee and the interest will drop to the current variable NOW account rate.

Regular Savings
Requires no minimum balance. There is a $5.00* monthly maintenance fee charged to accounts with balances below $100. Accounts owned by persons under the age of 18 will not be charged any fees.

First Time Home Buyers Savings
This account applies to first time home buyers and those re-entering the housing market, if they have not owned a home in the past three years. The benefit of this type of account is a 10-year tax deductible savings account to go toward the purchase of a first home in Iowa. Annual contributions have no limit. However, state income tax deductions are capped at $4,000 for married joint filers and $2,000 for all other filers. This account can be opened by anyone, but the intended user of the funds may be themselves or another person. Applicable information will be obtained on the intended user of the funds at the time of account set-up. The bank has no reporting requirements on this type of account, so the account holder will be responsible for designating their new savings account as a FTHSA and filling out the proper paperwork each year to receive the tax benefit with their preferred tax professional. Customers are also responsible for designating a beneficiary to the funds; this can be themselves or another individual.

Once the account is established a Iowa Trust and Savings Bank lender will be assigned to you and will coach and mentor you throughout the home buying experience!

Christmas Club Accounts
A variety of savings plans are available. Earns a variable rate of interest with no service charges. The customer is only allowed to make one withdrawal during the 50 week period. Checks are issued the last week of October and mailed to you. Interest will be compounded annually and will be credited to the account annually.

Special Tax Information
*All fees marked with an asterisk (*) may be subject to Iowa state and local sales tax: 7.00%
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