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Savings & Money Market Accounts

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Reach your goals faster with a savings account that fits your ambitions and your life.

But how do you choose the best account for you? Different savings accounts offer different features, such as interest rates, fees, withdrawal limits, and access methods. You should compare them carefully before you apply. 

If you prefer, stop by one of our convenient bank locations and one of our relationship bankers would be glad to assist you. You can also contact us online or call the Customer Service Center.

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EXPLORE ACCOUNT OPTIONS

Savings for kids

Kids First Savings

Designed for youth under age 18

  • Earn prizes for making deposits
  • Interest compounds quarterly
  • No minimum balance
  • No monthly maintenance fee
  • Activity fee: $0.50 per withdrawal in excess of three per month

The minor can be any age under 18 to open a joint savings account, but the account must be opened together with an adult in a branch. 

Standard Savings Account

Standard Savings

  • Interest compounds quarterly
  • $300 minimum balance
  • Monthly maintenance fee: $3.00, if balance falls below $300
  • Activity fee: $0.50 per withdrawal in excess of three per month

Must be an Iowa resident to apply. If you are a non-resident who is planning to move to Iowa, complete this form and we will assist you in opening your account. 

Open a Standard Savings Account

Higher interest

Money Market

  • Tiered interest rates
  • Interest compounds monthly
  • $1,000 minimum balance
  • Checks available upon request
  • Monthly maintenance fee: $5.00, if balance falls below $1,000
  • Activity fee: $0.15 per debit*, if balance falls below $1,000

Must be an Iowa resident to apply. If you are a non-resident who is planning to move to Iowa, complete this form and we will assist you in opening your account. 

Open a Money Market Account

Wedding

Celebration Savings

Set aside money for a special event.

  • Monthly automatic transfer required
  • Funds distributed annually to your First National Bank checking account
  • Interest compounds monthly
  • Earns interest
  • No monthly maintenance fee
  • Activity fee: $5 per withdrawal in excess of one per year

Must be an Iowa resident to apply. If you are a non-resident who is planning to move to Iowa, complete this form and we will assist you in opening your account. 

Open a Celebration Savings Account

*Debits include checks, ATM withdrawals, automatic payments and in-person withdrawals.

Call or stop by a branch to open a Kids First Savings account.

Savings and money market deposits are insured by the Federal Deposit Insurance Corp (FDIC) and your money is protected up to $250,000 per depositor.  

Other Types of Savings Accounts

First-Time Homebuyers Savings Account

HomebuyersThe First-Time Homebuyers Savings Account (FTHSA) is a special type of savings account that helps Iowans save for a first home. It includes provisions that allow individuals, including those who already own a home, to make tax deductible contributions into an account to be used by a designated person for certain expenses related to purchasing a first home.

Accounts opened at First National Bank can be either a Standard Savings account or Money Market account.

Learn more about FTHSA requirements by reading the program flyer. 

For additional information about the provisions of Iowa's FTHSA law, visit the Iowa Department of Revenue's website. 

Consult your tax preparer or the Internal Revenue Service for information about how contributions to, and distributions from, an Iowa First-time Homebuyer Savings Account may affect your federal taxes.

Coverdell Education Savings Account

College SavingsA Coverdell Education Savings Account (Coverdell ESA) is a tax-deferred trust or custodial account created by the U.S. government to assist families in paying qualified education expenses for the designated beneficiary of the account.

This benefit applies not only to qualified higher education expenses, but also to qualified elementary and secondary education expenses for young people (grades K-12) attending eligible schools.

Coverdell ESAs can be a great investment for your child or grandchild's education. 

Contributions

  • When the account is established, the designated beneficiary must be under the age of 18 or be a special needs beneficiary. 
  • The account must be designated a Coverdell ESA when it is created. 
  • Contributions must be made in cash, and they're not tax deductible. 
  • Any individual whose modified adjusted gross income is under the limit set for a given tax year can make contributions. 
  • There's no limit to the number of accounts that can be established for a particular beneficiary; however, the total contribution to all accounts on behalf of a beneficiary in any year can't exceed $2,000.00. 
  • Coverdell funds must be used by the time a student is age 30 or taxes, fees, and penalties will accompany withdrawals. 

Stop by one of our branches in Ames, Ankeny, West Des Moines, or Osceola to open a Coverdell Education Savings Account today!

MORE INFORMATION 

    • What information do I need to open a personal account?

    • Name, current physical address, SSN, date of birth, government issued photo ID.

      *If the address on your ID is not up to date, additional ID is required.

      Valid Government Issued ID's
      • Driver's License
      • Passport
      • Permanent Resident Card
      • Government Issue ID Card
      • US Military ID

      *Valid Secondary Form of ID
      • School ID
      • Voter's Registration Card
      • Social Security Card
      • Birth Certificate
      • Paystub

    • If I want to add someone to my bank account, do they need to be present?

    • No, we have multiple ways of collecting the needed information.  Contact a Relationship Banker to learn more.

    • Can I mobile deposit to my savings account?

    • No, you can mobile deposit to your checking account and then transfer the funds to your savings account.

    • How do savings accounts work?

    • Savings accounts are simple to use. After you open a savings account and deposit money into that account, the bank then pays you interest on your balance. The interest rates you earn, and the corresponding annual percentage yield (APY), can vary from account to account and is subject to change. 

      You can continue adding money to your savings account through any one of these methods: 

      • Cash or check deposits at the ATM
      • Cash or check deposits at a branch
      • ACH transfers from a linked bank account
      • Wire transfers from another bank account
      • Direct deposit
      • Mobile check deposit

    • What is a Money Market account?

      • A money market account is a higher interest deposit account. If you're saving for a future goal or want your money to grow more quickly while avoiding unsecured market investments, a money market account may be the right choice for you. 
      • A money market account can be an effective way of saving for something further down the road, such as retirement savings, a rainy-day fund or a new home. 
      • While there are several reasons to save with a money market account, the main advantage is the account's higher interest rate. Other benefits of opening a money market account include: 
      • Easy access to your money. You can access your money market savings when you need it with unlimited cash withdrawals and in-bank transfers.
      • Check-writing ability. You can write up to six checks monthly directly from your money market account, eliminating the need to transfer funds from savings to checking. 
      • Insured. Money market accounts, like all savings products, are insured by the Federal Deposit Insurance Corporation (FDIC). 
      • Stability. The money in your account will grow at an established rate, which makes money market accounts a more reliable savings vehicle than stock market investments. 

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