A savings account is the cornerstone of your financial planning, simply because setting money aside for future goals or life’s unexpected situations provides both peace of mind and opportunities for growth. It’s also important, because with smart saving strategies, you can earn considerable interest and increase your funds. There are various savings account options with Banterra Bank including:  Preferred Savings, Money Markets, Health Savings Account, CDs (Certificate of Deposit) and Individual Retirement Account (IRA).  Each offering has benefits and items to consider, based on your savings needs.  

Three things to consider when determining savings accounts that are best for you.  

  • Interest Rates & Annual Percentage Yield 

  • Balance Requirements 

  • Withdrawal Limits 

Savings Account  

A basic or traditional savings account is often a best first step to kick start your savings efforts, based on your deposit amount. For example, if your initial deposit is at least $100 and you maintain that same minimum as a daily balance, you can earn interest on your money with a Banterra Preferred Savings Account. You can withdraw up to four times per statement cycle without penalty or fees, if the minimum balance of $100 is maintained. Failure to maintain this minimum balance will result in a monthly fee of two dollars. If you exceed four withdrawals in one statement cycle, you will incur two dollars per item for withdrawals. The withdraw limits of any savings account are in place to assist you with your savings efforts and maximize your withdrawal return. 

Money Market Accounts 

If you build your savings or have a beginning deposit above $2,500 and want to have easy access to your funds, you should consider Banterra’s Money Market account. It has the same withdraw limits and minimum balance to avoid monthly fee, but you will be able to earn higher interest with these accounts. 

For those individuals with deposits of more than $10,000, Banterra’s Preferred Money Market account offers higher interest rate opportunities with a tiered interest method based on the daily balance of your account. The monthly fee for this account can also be avoided if the $10,000 daily balance is maintained. 

Certificates of Deposit (CDs) 

CDs allow you to earn higher interest rates than any other savings accounts by locking in your rate for the entire term of the certificate. Banterra offers a variety of terms, ranging from 30 days to 4 years. 

IntraFi® Network Deposits 

For funds that exceed $250,000, Banterra offers multi-million-dollar, FDIC insured deposits through IntraFi Network Deposits. With IntraFi, a customer’s deposit is broken out into individual deposits up to $250,000 to a network of qualified banks, while offering the customer the simplicity of working with just Banterra.   

IntraFi product offerings include: 

• ICS (IntraFi Cash Service®) - Your funds are placed into savings or money market accounts. 

• CDARS (Certificate of Deposit Account Registry Service®) - Your funds are placed into CDs. 

Finally, for more specialized areas such as saving for medical expenses or for your retirement, Banterra also offers a Health Savings Account and Individual Retirement Accounts. 

If you’re looking to get more from your savings account and develop a savings strategy that works for you and your family, the Banterra team is here to help. Contact us to learn more or start the process of opening an account online.  

Products and terms may be subject to change. Please refer to the “Truth In Savings” disclosures provided at account opening for more information.