MidWestOne is focused on providing you with the savings account that will allow you to execute your savings strategy. But do you know which account is the right choice for you? With our account comparison chart below, you can determine which savings account is the right choice for your finances. If you're ready to open a savings account, please proceed to our simple online account opening tool. Please note that if you wish to open a Money Market or ClubOne account, you'll need to contact us and speak to personal banker.
Your Savings Account Options at MidWestOne
| Features | Power Savings | Consumer Savings | Money Market | ClubOne | Goal Savings |
|---|---|---|---|---|---|
| Minimum opening balance | $100 | $100 | $1,000 | $10 | $25 |
| Minimum daily balance | None | $100 | $1,000 | None | None |
| Monthly service charge | $0 | $2, if account falls below daily minimum balance | $8, if account falls below daily minimum balance4 | $0 | $0 |
| Earns interest1 | Yes - Power Savings rates | Yes - Consumer Savings rates | Yes - Money Market rates | Yes - ClubOne rates | Yes - Goal Savings rates |
| Activity Service Charge Fee2 | $10 each statement cycle exceeding 6 transactions | $10 each statement cycle exceeding 6 transactions | $10 each statement cycle exceeding 6 transactions4 | None | 1 no fee withdrawal or transfer per statement cycle, then $3 each thereafter |
| Electronic statements | No fee | No fee | No fee | No fee | No fee |
| Online and mobile banking3 | Yes | Yes | Yes | Yes | Yes |
| Mobile deposit | Yes | Yes | Yes | Yes | Yes |
| ATM card available | Yes | Yes | Yes | No | No |
| Other features | Interest from the linked Power Checking will transfer to Power Savings each month. Power Checking ATM refunds will post directly to Power Savings after the Power Checking Qualifications are met. To earn higher interest tiers, Power Savings must be linked to a Power Checking account and meet the Power Checking Qualifications each month. | Must be age 18 or younger. Converts to Consumer Savings automatically at age 18. | Aggregate deposits of $25.00 per month required. Must have a MidWestOne personal Checking Account. Converts ro Consumer Savings if monthly minimum deposit requirements not met for three consecutive months. |
Optional Savings Account Features
| Paper statements (non-image) | No fee | No fee | No fee | No fee | No fee |
| Paper statements (image) | No fee | Not available | No fee | Not available | Not available |
1Interest begins to accrue the business day we receive credit for the deposit of non-cash items (i.e. checks). Interest is compounded and paid monthly on the last day of your statement cycle. We use the daily balance method to calculate interest on the account. This method applies a daily periodic rate to the available balance in the account each day. The interest rate is variable and subject to change at the bank's discretion. The annual percentage yield may vary due to interest rate changes and fees. Refer to our Deposit Rates for current interest rates and annual percentage yields.
2Assessed each monthly statement cycle for activity of more than six (6) withdrawals/transfers per statement cycle.
3Message and data rates may apply.
4Iowa state sales tax may apply for accounts maintained in Iowa.