Savings

Just as there are many reasons to save your hard-earned money, there are many different ways to do it. At The Equitable Bank, we offer savings, money market and certificate of deposit products to help you achieve your goals.

Open a Savings Account

Savings

Competitive Interest Rate: Earn a competitive interest rate with a low minimum balance of $100.

Benefits:

No monthly minimum balance charge: Enjoy fee-free banking as long as the minimum balance of $100 is maintained.
Interest Earnings: Your money grows with interest.
Free ATM Card: Access your funds conveniently with a free ATM card.
Free Online Banking: Manage your account anytime, anywhere with free online banking.
Withdrawal Flexibility: Enjoy up to six pre-authorized withdrawals or transfers per statement month.

Open a Savings Account Contact a Branch for More Information

CDs

Earn the Highest Interest Rate: Save money for a set period and earn competitive interest rates.

Benefits:

Flexible Terms
- Terms starting at 28 Days
- Short-Term Certificates (less than 1 year): Low minimum balance of $2,500
- Long-Term Certificates (1 year and over): Low minimum balance of $500

Enhanced Rates
- All Certificates: Higher rates paid on balances of $25,000 or more
Convenient Banking
- Free Online Banking to manage your CD conveniently.

Individual Retirement Accounts (IRA)

An Individual Retirement Account (IRA) is a powerful tool to help you save for retirement, offering valuable tax advantages. Choose from various IRA options to suit your financial goals:

Types of IRAs:

Traditional IRA - deal for individuals looking for tax-deductible contributions and tax-deferred growth.
Roth IRA - Great for those seeking tax-free withdrawals in retirement and flexibility with contributions.
SEP IRA (Simplified Employee Pension) - Designed for self-employed individuals or small business owners, offering a straightforward way to contribute to employee retirement plans.
SIMPLE IRA (Savings Incentive Match Plan for Employees) - Geared towards small businesses and self-employed individuals, providing an easy-to-administer retirement plan.
Educational IRA - Intended for educational expenses, allowing tax-free withdrawals for qualified education expenses.

Benefits of an IRA:

Tax Advantages - Potential tax-deferred earnings or tax-free growth.
Flexible Options - Explore Traditional, Roth, SEP, SIMPLE, and Educational IRAs to find the best fit for your retirement savings strategy.
IRA Certificates of Deposits - All of The Equitable Bank’s Certificates of Deposits can be opened as an IRA.

Money Markets

When you need easy access to your money, but still want to earn a great interest rate, a money market account is the way to go. The Equitable Bank has two money market accounts perfect for a variety of financial needs

Compare Money Market Options

Account Type	Equitable Money Market	Relationship Money Market
Description	This account is for you if you plan on keeping at least $2,500 in your account, and a higher interest rate is important.	This account is for you if you like the flexibility of no minimum balance, but want to earn a higher interest rate on larger balances.
Minimum Balance	Low minimum balance of $2,500	No minimum balance
Minimum Balance Charge	No monthly service charge when minimum balance is maintained	No monthly service charge
Interest Bearing	Earns interest on all balances	Earns interest on balances as low as $2,500. Tiered rates pay higher interest on your entire balance as it grows
Shared Benefits	Free Debit or ATM Card Available Free Online Banking Free Online Statements Six pre-authorized, withdrawals, checks or transfers allowed per statement month	Free Debit or ATM Card Available Free Online Banking Free Online Statements Six pre-authorized, withdrawals, checks or transfers allowed per statement month

Health Savings Account (HSA)

Health Savings Account FAQs

What is an HSA?	A Health Savings Account or HSA is a tax-exempt personal savings account that you set up with The Equitable Bank to pay or reimburse certain medical expenses you incur. To qualify, you will need to have a high deductible health plan.
How does an HSA work?	HSAs work similar to an Individual Retirement Account (IRA), except that deposits and qualified withdrawals are tax-exempt. Individuals and their employers may deposit money into the HSA, up to the annual dollar limit, along with extra catch-up contributions allowed for those aged 55 to 65. Account balances can be used to pay for a wide array of medical expenses, including some that are not ordinarily covered by insurance. HSAs can also be used to cover family members not covered by a high deductible health plan.
Tax Deductions	An HSA’s deposits may be deductible from taxable income even if you do not itemize deductions on your tax return. Self-employed individuals may also be able to deduct the insurance premiums. Talk to your tax advisor to find out what you can deduct.
Why consider a Health Savings Account?	Protection: Covers you and your family in case of high or unanticipated medical expenses. Savings: Tax advantages and a tiered rate of interest earned provide an opportunity to save for the future. Flexibility: Schedule regular contributions or make your own contribution at any time during the year, until April 15th of the following year. Mobility: You own the account so it goes with you, even if you change jobs or retire. Choice: You pick the physician or health care professional. Control: You decide how to spend your health savings account dollars.
What can your HSA be used for?	Medical Care and Services Dental and Vision Prescriptions Over the Counter Medications Chiropractic Visits Acupuncture
Additional Benefits	Free ATM Card Free Online Banking Free Online Statements

Contact Us to Open an HSA

Resources for Saving

Get tips about anything home related, information on community events and ways to be financially smart on the Smart Start Podcast presented by The Equitable Bank.

Episodes:

Starting on the Right Foot: A Guide to Building Financial Foundations - Join us as we explore BankOn Milwaukee's vital contributions to the city. Discover a wealth of resources for the community and delve into their seamless collaborations with local groups and financial institutions. We'll also shed light on core financial education principles and the transformative power of taking the first steps on your financial journey. Listen to guest, Kristi Luzar, the Executive Director of Urban Economic Development Association (UEDA) of Wisconsin, Inc shares her wisdom and expertise on the importance of collaboration between local groups and financial institutions, and how this partnership can pave the way for financial success in our communities.

Contact a Branch for More Resources