Personal Savings Solutions
Grow Your Money
Whether you’re saving for your next family vacation or building towards retirement, Peoples Bank has a savings solution to help.
Options for everyone
Regardless of which option you choose, you’ll still get our higher level of service. We look forward to delighting you.
Personal Savings
A first savings account or the ideal product for customers with average balances less than $10,000.
- Minimum to open: $50
- Monthly Service Charge: $31
- Minimum daily balance needed to avoid monthly service charge: $300
- Earns Interest
- Limited to 10 free withdrawals per month2
Personal Money Market
A great way to grow your nest egg. Earn a competitive interest rate on higher balances while retaining immediate access to your funds.
- Minimum to open: $50
- Monthly Service Charge: $10
- Minimum daily balance to avoid monthly service charge: $10,000
- Variable Tiered Rates pay higher Annual Percentage Yield (APY) on higher balances.
- Limited to 10 free withdrawals per month2
- Ability to write checks
View Personal Savings Rates
Personal Savings Rates
| Term | APY* | Interest Rate |
|---|---|---|
| All Balances | 0.10% | 0.10% |
Last Updated On: December 18, 2024
*Annual Percentage Yield (APY) is current as of the effective date. Rates are variable and subject to change after account opening. A minimum deposit of $50 is required to open the account. There is no minimum to earn interest. Fees could reduce earnings.
View Personal Money Market Rates
Personal Money Market Account Rates
| Term | APY* | Interest Rate |
|---|---|---|
| less than $25,000 | 0.25% | 0.25% |
| $25,000 - $99,999 | 1.20% | 1.19% |
| $100,000 + | 2.50% | 2.47% |
Last Updated On: December 18, 2024
*Annual Percentage Yield (APY) is current as of the effective date. Rates are variable and subject to change after account opening. A minimum deposit of $50 is required to open the account. There is no minimum to earn interest. Fees could reduce earnings.
Youth Savings
Set your child up for financial success with Youth Savings! Designed for children and teens under 19, this account has no monthly fees, no minimum balance, and grows with them. Start with just $50 and enjoy 5.50% APY on the first $1,000, helping them learn how small savings can add up over time, they’ll build healthy money habits for years to come.
Watch your money grow
5.50%APY*
on up to $1,000
CD Special
Earn even more when you choose a Certificate of Deposit (CD). A CD is a popular and safe way to achieve your financial goals. Choose a term as little as 6 months or as long as five years. Peoples Bank offers accounts with fixed interest rates.
Watch your money grow.
13-Month Fixed Rate
7-Month Fixed Rate
4.25%APY*
Personal CD
- Term: 6 months – 5 years
- $500 minimum to open
- Fixed interest rates tiered based on balance
Great Beginnings CD
- Term: 12 months
- $100 minimum to open
- Fixed interest rates tiered based on balance
- Add to your account with a minimum of $50, or as little as $25 with a recurring transfer from a Peoples Bank checking or savings account
View Personal CD Rates
Personal CD Rates
| Term | Less than $25,000 | $25,000 - $99,999 | $100,000 + | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| APY* | Rate | APY* | Rate | APY* | Rate | |||||||
| 6 months | 2.00% | 1.98% | 2.00% | 1.98% | 2.00% | 1.98% | ||||||
| 12 months | 2.05% | 2.03% | 2.05% | 2.03% | 2.05% | 2.03% | ||||||
| 18 months | 2.15% | 2.13% | 2.15% | 2.13% | 2.15% | 2.13% | ||||||
| 24 months | 2.20% | 2.18% | 2.20% | 2.18% | 2.20% | 2.18% | ||||||
| 36 months | 2.25% | 2.23% | 2.25% | 2.23% | 2.25% | 2.23% | ||||||
| 60 months | 2.30% | 2.27% | 2.30% | 2.27% | 2.30% | 2.27% | ||||||
Last Updated On: December 18, 2024
*Annual Percentage Yield (APY) is current as of the effective date listed and applies to the initial term. Rates are subject to change. The APY assumes interest will remain on deposit until maturity. A minimum deposit of $500 is required to open the Personal CD account. There is no minimum to earn interest. A withdrawal will reduce earnings, and a penalty may be imposed for early withdrawal.
View Great Beginnings CD Rates
Great Beginnings CD Rates
| Term | APY* | Interest Rate |
|---|---|---|
| Great Beginnings CD Rates | 1.80% | 1.78% |
Last Updated On: December 18, 2024
*Annual Percentage Yield (APY) is current as of the effective date listed and applies to the initial term. Rates are subject to change. The APY assumes interest will remain on deposit until maturity. A minimum deposit of $100 is required to open the Great Beginnings CD account. There is no minimum to earn interest. A withdrawal will reduce earnings, and a penalty may be imposed for early withdrawal.
Individual Retirement Account (IRA) Options
Build towards your retirement with an Individual Retirement Account (IRA). At Peoples Bank your investment earns even more with no set up costs or annual fees. Peoples Bank offers Traditional and Roth IRA accounts, each with their own tax advantages. Choose from our IRA Certificate of Deposit or IRA Money Market.
Peoples IRA Certificate of Deposit
- No set up costs or annual fees
- Minimum opening deposit: $100
- Competitive fixed rates for the term of the CD
- Terms from 6 months to 5 years
Peoples IRA Money Market
- No set up costs or annual fees
- Minimum opening deposit: $100
- Competitive tiered rates depending on balance
- Easily access your funds
IRA CD Rates
CD IRA Rates
| Term | APY* | Interest Rate |
|---|---|---|
| 6 months | 2.00% | 1.98% |
| 12 months | 2.05% | 2.03% |
| 18 months | 2.15% | 2.13% |
| 24 months | 2.20% | 2.18% |
| 36 months | 2.25% | 2.23% |
| 60 months | 2.30% | 2.27% |
Last Updated On: December 18, 2024
*Annual Percentage Yield (APY) is current as of the effective date and applies to the initial term. Rates are subject to change. The APY assumes interest will remain on deposit until maturity. A minimum of $100 is required to open the account. There is no minimum to earn interest. A withdrawal will reduce earnings, and a penalty may be imposed for early withdrawal.
IRA Money Market Rates
Money Market IRA Rates
| Term | APY* | Interest Rate |
|---|---|---|
| less than $25,000 | 0.05% | 0.05% |
| $25,000 - $99,999 | 0.05% | 0.05% |
| $100,000+ | 0.10% | 0.10% |
Last Updated On: December 18, 2024
*Annual Percentage Yield (APY) is current as of the effective date. Rates are variable and subject to change after account opening. A minimum of $50 is required to open the account. There is no minimum to earn interest. Fees could reduce earnings.
IRA Frequently Asked Questions
Why should I open an IRA?
An Individual Retirement Account (IRA) is a great way to build towards your retirement. We offer both traditional and Roth IRA options which gives you the flexibility to give your money a chance to grow and get tax benefits.
What's the difference between a ROTH and Traditional IRA?
A traditional IRA offers a great way to save for retirement with immediate tax benefits. Depending on your circumstances, contributions to a traditional IRA may be fully or partially tax deductible. In addition, earnings are generally not taxed until distribution. Here are some other factors to consider:
- Minimum distribution or withdrawal requirements begin at 73
- Must be 18 years or older and have earned income
- Contributions can be made to a Traditional IRA after 73 if you have earned income
Alternatively, a Roth IRA can help you save for retirement with after-tax dollars. This means that your contributions to a Roth IRA are not tax deductible. However, this also means that your earnings and gains are not subject to income tax. Here are some other things to keep in mind:
- No minimum distribution or withdrawal age requirements
- There are income limits to enroll in a Roth IRA account
- Must be 18 years or older have earned income
- Contributions can be made to a Roth IRA after 73 if you have earned income
What are the tax benefits of each?
If you choose a traditional IRA, generally, amounts including your earnings and gains are not taxed until you take a distribution from your IRA.
With a Roth IRA there are no immediate tax benefits but your contributions and earning will grow tax-free. All withdrawals can be taken out tax-free and penalty free.
To recap, with a Roth IRA, you will generally be paying the taxes up front while with a traditional IRA, you will most likely only pay taxes when the money is withdrawn.
What's the difference between an IRA Certificate of Deposit and IRA money market?
A CD is a type of savings account that gets a slightly higher interest rate than a regular savings account in return for a commitment to keep the money in for a set term. If you decide to open a IRA CD, you will get a higher interest rate but you must keep your money in the account for the set period of time. If you need to make a withdrawal before that time is up, you will incur fees.
Alternatively, a money market account is more flexible. If you choose to open an IRA money market account, you will have access to your funds whenever you need and will not be charged a fee to make a withdrawal. However, money markets generally offer slightly lower interest rates.
How much can I put into my IRA (limits)?
The following limits are effective for 2024 and 2025 contributions:
| Year | Maximum Regular Contribution Limit | Maximum Catch-up Contribution Limit |
|---|---|---|
| 2024 | $7,000 | $1,000 |
| 2025 | $7,000 | $1,000 |
When can I access my IRA funds?
Once you reach age 59½, you can withdraw funds from your Traditional IRA without restrictions or penalties.
You can always withdraw contributions from a Roth IRA with no penalty at any age. At age 59½, you can withdraw both contributions and earnings with no penalty, provided that your Roth IRA has been open for at least five tax years.
The Internal Revenue Service may impose limitations and/or penalties to IRAs. Please consult your tax advisor.
Health Savings Accounts (HSA)
HSAs are a great way to save for “first dollar” medical expenses and take control of rising medical insurance premiums.
| Minimum daily balance to avoid monthly service charge | None |
|---|---|
| Interest rate | Variable tiered rates pay higher annual percentage yield on higher balances |
| Standard checks | Included |
| Debit card | Included |
| Online Banking | Included |
| Paper statements | Optional, $5 paper statement fee |
| Monthly service charge | $3 applies regardless of balance |
| Penalty for early withdrawal | No |
| Ability to write checks | Yes |
| Amount required to open the account | $50 |
| Well suited for these savings goals | Pair this account with a high-deductible health plan (HDHP) |
Invest For Your Future
Everyone has dreams for their future, and everyone wants to be prepared for the long term. Peoples Investments helps you build an investment portfolio based on your unique personal and business goals. Finding a collaborative financial advisor is an important decision in securing your economic well-being. Rely on a team that is locally owned, personally focused, and dedicated to a higher level of service.
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