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Savings & Money Market Accounts

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Savings and Money Market Accounts

First National Bank makes saving easy at any age...that's What Banking Should Be!

When you need a place to set aside your money for future needs and goals, a savings account is a great option. Savings accounts allow you to deposit money for safekeeping, while also earning interest on your balance. 

Savings accounts can help you save for specific purposes or life events. For example, you may open a savings account to hold your emergency fund; to set-aside funds for the down payment on a new home; or to use for an a wedding, vacation or even your first car.  

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. (See current interest rates.)

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

  • Making a mobile savings depositCash 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. (See current interest rates.)

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: 

  • Writing a checkEasy 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. 

Compare and Start Saving

Compare First National Bank's savings and money market accounts, and then apply online for the account type that best meets your financial needs. You are also welcome to stop by any one of our branches if you prefer to open you account in-person. 

If you have any questions about our savings accounts, don't hesitate to contact us. 

Compare Accounts

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Savings for kids

Kids First Savings

  • Designed for youth under age 18
  • Earn prizes for making deposits
  • Interest compounds quarterly
  • Unlimited in-person withdrawals
  • No minimum balance
  • Earns interest
  • 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

  • Competitive savings account rates
  • Interest compounds quarterly
  • Unlimited in-person withdrawals
  • $300 minimum balance
  • Earns interest
  • Monthly maintenance fee: $3.00, if balance falls below $300
  • Activity Fee: $0.50 per withdrawal in excess of three per month
Open a Standard Savings Account

Higher interest

Money Market

  • Unlimited cash withdrawals and in-bank transfers
  • Write up to six checks monthly
  • Interest compounds monthly
  • $1,000.00 minimum balance
  • Earns interest
  • Monthly maintenance fee: $5.00, if balance falls below $1,000.00
  • Activity fee: $0.15 per debit*, if balance falls below $500.00
Open a Money Market Account


Celebration Savings

  • Set aside money for a special event
  • Monthly auto transfer required
  • Funds distributed annually to your First National Bank checking account
  • Interest compounds monthly
  • $25 minimum balance
  • Earns interest
  • No monthly maintenance fee
  • Activity fee: $5 per withdrawal in excess of one per year
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 Homebuyer 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 home. The account must be opened at a financial institution in Iowa, including any First National Bank branch.

Here's how it works:

  • Open either a First National Bank Standard Savings account or Money Market account.
  • Each year, account holders may contribute an unlimited amount of money into their FTHSA account. However, the amount of such contributions that a taxpayer may deduct from their Iowa adjusted gross income for tax purposes is limited. The maximum annual deduction is adjusted each year for inflation and differs depending on filing status. 
  • Interest earned on account balances is exempt from state income tax. 
  • Taxpayers may establish multiple accounts as long as each account has different designated beneficiaries. 
  • Accounts can be opened in another person’s name. For example, a parent could open a bank account and contribute to it as a gift to a child. As long as the funds are used toward the purchase of a first home, it will qualify for the tax deduction
  • The contributions are required to be in the account for 90 days prior to being used.
  • Any remaining money in the account more than 10 years after the account was opened is considered withdrawn, and the account can no longer be a first-time homebuyer savings account after that time. 

For additional information provided by the Iowa Department of Revenue, click here. Please consult your tax advisor for additional tax-related questions.

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. 


  • 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!


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