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Savings Accounts | Let your money work for you with a First Minnetonka City Bank Savings Account

When placed in a First Minnetonka savings account, your money will work for you. We offer you the following savings accounts to make saving simple and convenient.

  Money Market Savings Account Advantage Savings Account Thrift Savings Account Health Savings Account (HSA)*
Minimum Balance to Avoid Monthly Maintenance Fee $1,000
to avoid $10 fee
$200
to avoid $3 fee
$50
to avoid $2 fee
None
(flat $3 monthly maintenance fee)
Interest Tiers
Frequency for Compounding Interest Monthly Quarterly Quarterly Monthly
Limit 6 transfers per month
VISA® Debit Card
Online Banking
Mobile Banking
e-Statements

 

* Requires an eligible individual with a High Deductible Health Plan

A $50 minimum deposit is required to open Money Market, Advantage or Thrift Savings Accounts. Check out our great rates for current rates and additional terms and conditions. Interest rates are subject to change. See Truth in Savings Disclosure for details.

Health Savings Accounts (HSA)

Now you don't have to be sick to realize benefits on the money you pay for health insurance coverage. An HSA allows those covered by a high deductible health insurance plan to pay for qualified medical expenses with tax free dollars. Contributions to an HSA are fully deductible, the earnings grow tax deferred, and distributions to pay or reimburse qualified medical expenses are tax free. Each year, the money you save on lower health insurance premiums can be deposited into this tax-favored savings account and the funds you accumulate rollover from year to year.

The IRS publication 969, Health Savings Accounts and Other Tax-Favored Health Plans, found on the IRS web site  can provide detailed information about HSAs.

A $25 minimum deposit is required to open a Health Savings Account. Check our great rates for current rates and additional terms and conditions. Interest rates are subject to change. See Truth in Savings Disclosure for details.

Certificates of Deposit (CDs)

Save money the safe way or earn extra on the money you're saving for a purchase by investing in a CD. First Minnetonka's CDs earn fixed interest rates. Most CDs require a $1,000 minimum investment.

Check our great rates for current rates and additional terms and conditions. Interest rates are subject to change.

Individual Retirement Arrangements (IRAs)

An IRA is a personal savings plan that gives you tax advantages for setting money aside for retirement to help you reach your savings goals.  Consult with your tax or legal professional to review the IRS eligibility requirements to find the best IRA for you.  We offer both Traditional IRAs and Roth IRAs.

The Traditional IRA allows you to defer taxes on the earnings on your contributions until they are withdrawn.  Also, certain contributions are tax deductible in the tax year for which you make them.

The Roth IRA allows only nondeductible contributions and features tax free withdrawals for certain distribution reasons after a five year holding period.  This means the earnings on your contributions can be tax free.

IRAs are separately insured by the FDIC up to $250,000 from any other accounts you may have on deposit with us. IRS Publication 590-A, found on the IRS web site, provides detailed information about IRA contributions. Detailed information about IRA distributions can be found in IRS Publication 590-B,.

Traditional and Roth IRA Contribution Limits

Year: Traditional IRA and Roth IRA Annual
Contribution Limit:
Additional Catch-up contribution for people age 50 and older*:
2013 $5500 $1000*
2014 $5500 $1000*
2015 $5500 $1000*

*You must be projected to reach age 50 or older by 12/31 of the tax year to which the contribution relates.

Invest in your future.  No matter what your age, now is the time to plan for your retirement.  Our IRAs work as hard as you do.  Contact our personal banking specialists today.

See how much you could save!

Click on the links below to see contribution limits and to view our current interest rates.  Sample our online calculator to determine how much you need to save to reach a certain goal, or if you put a set amount into savings on a consistent basis, to see to what amount that money could grow over time.

The sooner you begin saving for retirement, the more time your money has the potential to grow.  It pays to start saving now and to contribute regularly.

Check our great rates for current rates and additional terms and conditions. Interest rates are subject to change.

Simplified Employee Pension (SEP)

The SEP is an IRA that is tax deferred and available for funding by a small business owner in order to provide retirement benefits for both the business owner and his employees.  It is a plan that is easy to establish and maintain.  Annual contribution limits for tax year 2013 - 2015 are listed below:   

Tax Year SEP Plan Employer Contributions
2013 The lesser of 25% of the first $255,000 of each eligible employee's compensation or $51,000
2014 The lesser of 25% of the first $260,000 of each eligible employee's compensation or $52,000
2015 The lesser of 25% of the first $265,000 of each eligible employee's compensation or $53,000
Contribution Deadline Employer's income tax return filing due date, plus extensions

As a business owner, you should consult with your tax or legal professional to review the IRS eligibility requirements for this plan.  

The IRS publication 560, Retirement Plans for Small Business, found on the IRS web site can provide detailed information about SEPs.

See how much you could save!

Click on the link below to view our current interest rates.  Sample our online calculator to determine how much you need to save to reach a certain goal, or if you put a set amount into savings on a consistent basis, to see to what amount that money could grow over time.

The sooner you begin saving for retirement, the more time your money has the potential to grow.  It pays to start saving now and to contribute regularly.

Check our great rates for current rates and additional terms and conditions. Interest rates are subject to change.

Calculators | Try our savings calculators

Learn More | Contact Our Personal Banking Specialists

Glen Lake: (952) 935-8663

14550 Excelsior Blvd.
Minnetonka, MN 55345
Hours & Directions

Country Village: (952) 935-5995

11500 Highway 7
Minnetonka, MN 55305
Hours & Directions

Report unauthorized activity

To report unauthorized activity or a lost or stolen Visa Debit Card, call (952) 935-5995 or (952) 935-8663 during our business hours. After hours, call (800) 472-3272.

Consumer Education

Education

These tips are available so you can learn more about ways to save money, send your children to college, save for retirement, and more.

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Want to learn more? Contact a banker or visit one of our convenient locations today!
(952) 935-8663

Disclaimer
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Yes

The Fair Housing Act prohibits discrimination in housing because of:

  • Race or color
  • National origin
  • Religion
  • Sex
  • Familial status (including children under the age of 18 living with parents or legal custodians; pregnant women and people securing custody of children under 18)
  • Handicap (Disability)
Mission

Enforce the Fair Housing Act and other civil rights laws to ensure the right of equal housing opportunity and free and fair housing choice without discrimination based on race, color, religion, sex, national origin, disability or family composition.

Major Goals

1. Reduce discrimination in housing by doubling the Title VIII case load by the end of 2000 through aggressive enforcement of civil rights and fair housing laws;

2. Promote geographic mobility for low-income and minority households;

3. Integrate fair housing plans into HUD's Consolidated Plans;

4. Further fair housing in other relevant programs of the Federal government; and

5. Promote substantial equivalency among state, local and community organizations involved in providing housing.