Savings Account Solutions

Savings Calculator

Estimate your savings with this quick & easy 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 balance in the account each day. Earned interest is credited to your account monthly.
  • If your daily 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 a $1.00 per item fee 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 an internet or mobile phone banking service. Transfers and withdrawals requested by mail or in-person are without limitation. Overdraft fees will be imposed for each overdraft created by draft, in-person withdrawal, or by electronic means as applicable.
  • You must maintain a balance of $10.00 in this account to keep it open.

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 balance in the account each day. Earned interest is credited to your account monthly.
  • If your daily balance falls below $300.00, you will be assessed a $1.00 monthly service charge.
  • You are limited to 3 free withdrawals monthly. If you exceed this limit your account will be charged a $1.00 per item fee 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 an internet or mobile phone banking service. Transfers and withdrawals requested by mail or in-person are without limitation. Overdraft fees will be imposed for each overdraft created by draft, in-person withdrawal, or by electronic means as applicable.
  • You must maintain a balance of $3.00 to keep this account open.
  • A passbook is issued with this account.

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 charge will be assessed 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.  This account will change to a Passbook Savings after the account holder reaches the age of 18.
  • $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 balance in the account each day. Earned interest is credited to your account monthly.
  • No monthly service charge.
  • 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 an internet or mobile phone banking service. Transfers and withdrawals requested by mail or in-person are without limitation. Overdraft fees will be imposed for each overdraft created by draft, in-person withdrawal, or by 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.
  • A passbook is issued with this account.

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 and ebanking. 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 balance in the account each day. Earned interest is credited to your account monthly
  • If daily balance falls below $300.00, you will be assessed a $2.00 monthly service charge.
  • You are limited to 3 free withdrawals monthly. Your account will be charged a $1.00 per item fee for each withdrawal over 3.
  • There is a regulatory limit of six (6) transfers and withdrawals from your savings account per calendar month or statement cycle, including check, draft, debit card, or similar order to a third party, preauthorized, automatic, and telephonic transfers, or transfers originated from an internet or mobile phone banking service. Transfers and withdrawals requested by mail, in-person, or at an ATM are without limitation. Overdraft fees will be imposed for each overdraft created by draft, in-person withdrawal, or by electronic means as applicable.
  • You must maintain a balance of $10.00 to keep open.

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.

STUDENT SAVINGS

  • You must be 13-22 years of age to qualify
  • A $10 minimum opening deposit required
  • Must maintain $10 minimum balance to keep account open.
  • No monthly service charges
  • A parent or legal guardian must be joint owner of the account if under 18
  • If you open both a Student Checking and Savings account, you will also have access to your Savings via ATM, ebanking and our mobile app, and a monthly statement of activity will be included on your Checking e-statement
  • If you do not have a Student Checking, you will be given a passbook
  • An interest rate of .50% will be paid on the first $500.00 in the account. Regular advertised Savings account rate applies to balance exceeding $500.00
  • After your 23rd birthday, this account will convert to a Statement or Passbook Savings

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 or the Bank of New Madrid Account Services and Fee Schedule brochure for full disclosure of other fees.

ATTENTION: BUSINESS AND COMMERCIAL CUSTOMERS

Effective June 1, 2010 — Restricted transactions are prohibited from being processed through your account or relationship with Bank of New Madrid.  Restricted transactions are those transactions in which a person engaged in the business of betting or wagering accepts credit, funds, checks, instruments or other proceeds from another person in connection with unlawful Internet gambling.  We may block or reject any transactions of this nature.  Further, we reserve the right to block or close any account that we believe is in receipt of such transactions.