Flexible Savings Options that Support Your Life & Your Goals
Saving money isn’t one-size-fits-all. Different goals call for different tools. At Farmers Trust and Savings Bank, we offer several additional savings options designed to help you grow your money safely, efficiently, and with confidence.
If you’re planning for healthcare costs, retirement, or short-term goals like emergencies or major purchases, our savings solutions give you more control and more earning potential backed by local bank service you can trust.
As an Iowa community bank, we are committed to providing Earling, Harlan, Woodbine, and the surrounding southwest Iowa communities with no-nonsense savings options built around real life, not complicated fine print.
Individual Retirement Accounts (IRAs)
An Individual Retirement Account helps you save for retirement with valuable tax advantages and flexible investment options.
What Is an IRA?
An IRA is a personal retirement savings account that allows your money to grow tax-deferred or tax-free, depending on the type you choose.
Types of IRAs We Offer
Traditional IRA
- Contributions may be tax-deductible
- Taxes are paid when money is withdrawn in retirement
Roth IRA
- Contributions are made after taxes
- Qualified withdrawals in retirement are tax-free
Both options help your savings grow faster than a standard taxable account.
IRA Benefits
- Tax advantages that support long-term growth
- Wide range of investment choices
- Anyone with earned income may qualify
- Great supplement to employer retirement plans
IRA Account Details
- Minimum balance to open: $100
- Annual RMD fee: $10 (when applicable)
- Closing or transfer fee: $25
- Variable interest rate options available
Time Certificate IRA (12-Month)
- Minimum balance: $1,000
- Fixed term with predictable growth
- $25 closing or transfer fee
IRAs are ideal for anyone who wants more control over their retirement savings and guidance from local bankers who explain options clearly.
Health Savings Accounts (HSA)
A Health Savings Account is a powerful savings tool designed to help you pay for qualified medical expenses while enjoying major tax benefits.
What Is an HSA?
An HSA is a personal savings account that works alongside a High Deductible Health Plan (HDHP). You use the account to pay for medical expenses like doctor visits, prescriptions, dental care, and vision costs.
Why HSAs Are So Popular
HSAs offer a rare triple tax advantage:
- Tax-deductible contributions – Lower your taxable income
- Tax-free growth – Interest and earnings grow without taxes
- Tax-free withdrawals – When used for qualified medical expenses
Unlike flexible spending accounts (FSAs), HSA funds never expire. Any unused balance rolls over year after year and stays with you, even if you change jobs or retire.
How an HSA Works
- You must be enrolled in a High Deductible Health Plan
- You deposit money into the account (up to IRS annual limits)
- You use your HSA debit card or checks to pay medical expenses
- You can reimburse yourself later for eligible costs
- After age 65, funds can be used for non-medical expenses (taxes apply, no penalty)
HSA Account Details
- Minimum balance to open: $100
- Monthly service fee: $2 (waived with $3,000 balance)
- One-time setup fee: $25
- Closing or transfer fee: $25
- Variable interest rate
An HSA is a smart way to manage healthcare costs today while building long-term savings for tomorrow.
Money Market Accounts
A Money Market Account (MMA) combines the earning power of a savings account with the flexibility of a checking account.
What Is a Money Market Account?
A money market account is an interest-bearing deposit account that typically pays higher rates than a traditional savings account while allowing easier access to your money.
Money market accounts are FDIC-insured (up to applicable limits), making them a safe place to hold larger balances.
Key Benefits
- Higher interest rates than standard savings
- Easy access to funds
- Check-writing and transfer options
- Ideal for emergency funds or short-term goals
Money Market Account Options
Money Market Account
- Minimum balance: $500
- Up to 5 withdrawals per statement cycle
- $3 fee per debit over 5
- $10 service fee if balance falls below $500 (waived with $5,000 average balance)
Premier Money Market Account
- Minimum balance: $10,000
- Tiered interest rates for higher balances
- $10 service fee if balance falls below $10,000 (waived with $25,000 average balance)
Money market accounts are great for customers who want to earn more without locking funds away in a CD.
Choosing the Right Investment Option
Are you unsure about which savings option fits your needs? You don’t have to figure it out alone.
Our local bankers will help you compare:
- Access vs. growth
- Short-term vs. long-term goals
- Tax advantages
- Minimum balance requirements
Saving money should be simple, manageable, and realistic for everyone.
Start Saving with Confidence Today
- FDIC-insured deposits
- Competitive interest rates
- No mobile deposit fees
- Local decision-making
- Friendly bankers who know your name
When you save with us, your money stays local and supports the southwest Iowa community you call home. No matter if you’re preparing for healthcare expenses, planning for retirement, or growing short-term savings, we’re here to help you choose the right path.
Visit or call any Farmers Trust and Savings Bank location today to open an account and start saving with confidence.
