Money Market

Money Market

Opening a Money Market account has never been easier than it is here at Iowa Falls State Bank. With our interest-bearing accounts and their competitive account rates, you can watch your hard-earned money flourish while enjoying the peace of mind that comes with low-risk investments. In an era dominated by digital finance, it’s crucial to be able to navigate the financial landscape with confidence. Our Iowa bank provides you with the assurance of security you need combined with the financial growth you deserve. 

Accessible
Funds

●   Iowa Falls and Williams bank locations
●   Direct deposits
●    ATMs
●    Check-writing privileges 

Saving
Opportunities  

●   Competitive Interest Rates 
●   Interest compounded every month
●   Offers liquidity for emergency funds or short-term saving goals

Secured
Storage

●   Deposits insured by FDIC
●   Front-line trained in detecting scams
●   Low-risk investment that provides stability 

Online
Banking

●   Check your money market account balance
●   Transfer money between your accounts
●    Mobile check deposit

Money Market

Minimum account balance to avoid fee – $5,000
Minimum balance requirement to earn interest – $5,000
When is interest paid – Interest will be compounded and credited to your account every month
How is interest paid – Variable interest rate, tiered based on daily balance 
Monthly service fee –
$10 if monthly balance falls below $5,000
Transaction limit – A service fee of $5 will be charged for each debit transaction (withdrawal, check paid, automatic transfer, or payment out of this account) in excess of 6 during a month 
Monthly Statements –
Print statements are mailed out quarterly, E-Statements available on mobile or online

Current Rates*

Balance
Interest Rate
APY
$5,000 – $19,999
1.25%
1.26%
$20,000 – $49,999
1.75%
1.76%
$50,000 – $249,999
2.25%
2.27%
$250,000 and above
2.50%
2.53%

You will need one of each primary and secondary forms of identification to open an account at our financial institutions. 

Primary

●   Unexpired Driver’s License bearing the individuals photograph
●   Unexpired Passport bearing the individuals photograph
●   Unexpired State Photo Identification Card
●   Current Military Identification Card
●   Alien Registration Card
●   Certified copy of birth certificate for persons 16 or younger unable to present other acceptable documents and a student ID card

Secondary

●   Social Security Card
●   Medicare, Medicaid or other insurance card
●   Voter Registration Card
●   Property Tax Bill
●   Major Credit Card
●   Matricula Consular Card (Mexican National ID Card)

Benefits of a Money Market Account

One of the key aspects of money market accounts is their feature-rich nature. When you open an account with us, you are guaranteed an excellent annual percentage yield that beats a normal savings account and has the practicality of easy withdrawal. Secure online banking ensures that your financial transactions are protected and supported by top-notch fraud protection measures. The convenience of mobile banking and telephone banking allows you to manage your cash effortlessly, while professional bankers stand ready to assist you.

Liquidity
Money market accounts offer easy access to funds, allowing account holders to make withdrawals or transfers
Interest Rates
Generally, money market accounts provided higher interest rates compared to standard savings accounts. The rates may vary based on the account balance
Check-Writing Privileges
Unlike traditional savings accounts, money market accounts may offer a limited number of check-writing abilities, providing a convenient way to access funds
Safety
Money Market Accounts are considered relatively low-risk, making them a conservative choice for individuals looking to earn interest on their savings with a focus on capital preservation
FDIC Insurance
Like regular savings accounts, our money market accounts are insured by the Federal Deposit Insurance Corporation, providing a level of protection for deposited funds

The Patriot Act

Important Information About Procedures for Opening a New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. 

What this means for you

When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.  In addition, we may also ask to see your unexpired driver’s license or other identifying documents.

Account Opening for a Legal Entity

Account Opening for a Legal Entity 
We are required to ask you for identifying information (name, address, date of birth, social security number, as well as identification documents) for:
     ➣  Each individual that has beneficial ownership (25% or more) 
     ➣  One individual who has significant managerial control of the Legal Entity
If you are opening an account on behalf of a Legal Entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.

*The interest rate is variable and may be changed at our discretion.
APY = Annual Percentage Yield. Fees could reduce earnings. Withdrawal limitations apply.