Banking
You know you need to save money – no better day than today.
Savings accounts are the cornerstones of good financial plans. Open an account with 1st Source Bank and start saving today. We have several options, and they all include Online and Mobile Banking. Let’s find an account that works for you.
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Minimum Deposit to Open Account
No Minimum
No Minimum
$15,000
Monthly Service Charge
$3
$0
$20
How to Avoid Service Fees
Meet any one (1) of these - The primary accountholder is under 18 years of age. At least one (1) direct deposit into the account each month. Maintain a Minimum Daily Balance of at least $300
No Monthly charge for clients 24 or younger if you are currently enrolled in classes.**
Maintain a Minimum Daily Balance of $25,000
Resource Plus™ ATM Card
Paper Statement Fee
$0
$3 (No charge for eStatements)
$0
Maximum number of withdrawals per month or statement cycle
No more than 6 ($2 fee after 4)
No more than 6 ($2 fee after 4)
6
Interest Paid
Tiered Interest to reward higher balances
*Clients between the ages of 13 and 17 require a parent or legal guardian as a joint account owner.
**Documentation to verify your student eligibility such as a copy of your student ID card, current class schedule, or tuition bill required if you are 25 or older at the time of account opening.
Holiday Savings
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Individual Retirement (IRA) Savings
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Details
No withdrawals or transfers out of the account are allowable throughout the year. Funds are automatically transferred once per year into the client’s primary account most often in October.
Taxes may be deferred on both your contributions and earnings until you begin to take a distribution
Minimum Deposit
$10*
$25**
Monthly Fee
$0
$0
Potential for Tax Deferment
Earns Interest
*If the account balance becomes zero ($0.00) and you have not made a deposit within the last 365 calendar days, the account will automatically be closed
**If minimum balance remains below $25 for 90 consecutive calendar days, account will be closed and a $25 closure fee will be assessed.
Certificates of Deposits (CDs)
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Traditional IRA CD
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Roth IRA CD
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Details
A savings product allowing you to choose terms ranging from seven days to ten years.
Taxes may be deferred on both contributions and earnings, until you begin to take distribution.
You pay taxes on the money you contribute.
Earns Interest
Interest Rate Type
Fixed
Fixed
Fixed
Fixed Term
Additional Deposits
No
Only during the Grace period
Only during the Grace period
