Products & Services > Savings Accounts
Savings Calculator
Passbook Savings
- $100.00 minimum is required to open this account
- Interest bearing account
- We use the daily computation method to calculate the interest on this account. This method applies a daily periodic rate to the collected balance in the account each day. Earned interest is credited to your account monthly
- If your daily ledger balance falls below $300.00 you will be assessed a $2.00 monthly service charge
- You are limited to 3 free withdrawals monthly. If you exceed this limit you will be charged $1.00 for each withdrawal over 3
- There is a regulatory limit of six (6) transfers and withdrawals from your savings account per calendar month, including check, draft, debit card, or similar order to a third party, preauthorized, automatic, and telephonic transfers, or transfers originated from a personal computer. Transfers and withdrawals requested by mail or in-person are without limitation. A fee will be imposed for overdrafts created by checks, in-person withdrawals, ATM withdrawal, or by other electronic means as applicable
- You must maintain a balance of $10.00 in this account to keep it open
- This account will become dormant after a period of 6 months with no activity
- A dormant fee of $3.00 will be applied each month the account remains inactive
Direct Deposit Savings
- $100.00 minimum is required to open this account
- You must be a recipient of social security or SSI direct deposit to qualify for this account
- Interest bearing account
- We use the daily computation method to calculate the interest on this account. This method applies a daily periodic rate to the collected balance in the account each day. Earned interest is credited to your account monthly
- If your daily ledger balance falls below $300.00, you will be assessed a $1.00 monthly service charge
- You are limited to 2 free withdrawals monthly. If you exceed this limit your account will be charged $1.00 for each withdrawal over 2
- There is a regulatory limit of six (6) transfers and withdrawals from your savings account per calendar month, including check, draft, debit card, or similar order to a third party, preauthorized, automatic, and telephonic transfers, or transfers originated from a personal computer. Transfers and withdrawals requested by mail or in-person are without limitation. A fee will be imposed for overdrafts created by checks, in-person withdrawals, ATM withdrawal, or by other electronic means as applicable
- You must maintain a balance of $3.00 to keep this account open.
- This account becomes dormant after being inactive for a period of 6 months
- A dormant fee of $3.00 will be applied each month the account remains inactive
Christmas Club
- Minimum of the first weekly payment is required to open this account.
- The weekly increments available are $5, $10, $15, $20, $25, $30, $35, $40, $45 or $50
- This account consists of making 49 timely payments throughout the year. Bank of New Madrid will make the 50th payment for you when you make the 49th payment.
- A $15.00 fee will be charged if funds are withdrawn prior to November 1st
- This account matures the last day of October, and your check will be mailed to you during the first week of November
Hooked On Savings
- Must be under the age of 18 years
- $10.00 minimum is required to open this account
- Interest bearing account
- We use the daily computation method to calculate the interest on this account. This method applies a daily periodic rate to the collected balance in the account each day. Earned interest is credited to your account monthly
- No monthly service charge or dormant fee
- There is a regulatory limit of six (6) transfers and withdrawals from your savings account per calendar month, including check, draft, debit card, or similar order to a third party, preauthorized, automatic, and telephonic transfers, or transfers originated from a personal computer. Transfers and withdrawals requested by mail or in-person are without limitation. A fee will be imposed for overdrafts created by checks, in-person withdrawals, ATM withdrawal, or by other electronic means as applicable
- You must maintain a balance of $10.00 to keep this account open
- Each time you make a deposit of $1.00 or more, within a quarter, your name will be entered into a drawing for a gift card
Statement Savings
- $100.00 minimum is required to open this account
- This account provides a monthly statement of activity instead of a passbook AND access to your savings account via ATM for withdrawal and transfer to another account at Bank of New Madrid. To be eligible, you must have a checking account with a Visa debit card and be willing to accept a combined checking and savings monthly statement of activity.
- Interest bearing account
- We use the daily computation method to calculate the interest on this account. This method applies a daily periodic rate to the collected balance in the account each day. Earned interest is credited to your account monthly
- If daily ledger balance falls below $300.00, you will be assessed a $2.00 monthly service charge
- You are limited to 3 free withdrawals monthly. If you exceed this limit you will be charged $1.00 for each withdrawal over 3
- There is a regulatory limit of six (6) transfers and withdrawals from your savings account per calendar month, including check, draft, debit card, or similar order to a third party, preauthorized, automatic, and telephonic transfers, or transfers originated from a personal computer. Transfers and withdrawals requested by mail or in-person are without limitation. A fee will be imposed for overdrafts created by checks, in-person withdrawals, ATM withdrawal, or by other electronic means as applicable
- You must maintain a balance of $10.00 to keep open
- This account becomes dormant after a period of 6 months with no activity.
- A dormant fee of $3.00 will be applied each month the account remains inactive
Regular Certificates
Bank of New Madrid offers you the opportunity to earn a higher amount of interest on your deposit of $500 or more, for several different terms. Come in and see us about investing your money for a higher rate of return.
- Traditional Individual Retirement Account
Bank of New Madrid offers a Traditional IRA as a great way to build financial security for your retirement. Come in and see us today about eligibility requirements
- Roth IRA
Bank of New Madrid also offers the Roth IRA. The Roth IRA allows after-tax (non-deductible) contributions, which enjoy tax-free accumulation. Come in and see if this exciting IRA is the retirement account for you.
- Coverdell Education Savings Account
The Coverdell Education Savings Account encourages taxpayers to save for future education expenses. Come in today and see us for more detailed information on this type of account
Come in and see us about one of the above accounts and the rates we have to offer.
General Disclosure for all accounts: Other fees may apply to the above accounts, such as insufficient funds fee, overdraft fee, stop payment fee, etc. Refer to the Services & Fees page on this website or the Bank of New Madrid Fee Schedule brochure for full disclosure of other fees.
