Personal Savings

Individual Retirement Agreement

An Individual Retirement Agreement or (IRA) is a retirement plan that may provide some tax advantages for retirement savings.  With Peoples State Bank you have the option of a variable rate term with our IRA Savings Account, or a fixed rate term with an IRA Certificate of Deposit, or both! Peoples State Bank offers:

• Traditional IRAs
• Roth IRAs
• Coverdell Education IRAs

Contact one of our Personal Bankers listed below for more information including current rates.

*Consult your tax advisor

Health Savings Accounts

A Health Savings Account or (HSA) is a tax-favored savings account combined with a qualifying high-deductible health insurance plan.  By allowing you to deposit tax-deductible funds into an account that you can use to cover medical costs, HSAs enable you to take control of your own health care decisions.

• Funds can be contributed by you, your employer, or a third party.
• You can save the money in your account for future medical expenses and grow your account through investment earnings.
• Funds remain in the account from year to year.  There are no “use it or lose it” rules to HSAs.
• Tax Savings-An HSA provides you triple tax savings:
  1. tax deductions when you contribute to your account;
  2. tax-free earnings through investment; and,
  3. tax-free withdrawals for qualified medical expenses.

Contact one of our Personal Bankers listed below for more information including current rates.

 *Consult your tax advisor

Minor Savings

• Statement Maintenance Fee – None
• Item Fees and Restrictions – An item fee of $1.00 will be charged for each withdrawal in excess of six during a monthly statement cycle, and eighteen per quarter during an annual statement cycle. This fee will not apply to ATM, Telephone Banking, and Online Banking Transfers.
• Interest & Rate Information – Interest is earned using the daily balance method and is paid each interest cycle. All rates are subject to change at Peoples State Bank’s discretion and are available upon request.
• Must be under 18 years of age.

Regular Savings

• Statement Maintenance Fee – A maintenance fee of $5.00 will be imposed each statement cycle if the average daily balance falls below $100.00. This fee is waived if customer combines their savings statement with their checking statement.
• Item Fees and Restrictions – An item fee of $1.00 will be charged for each withdrawal in excess of six during a monthly statement cycle and eighteen during a quarterly statement cycle. This fee will not apply to ATM, Telephone Banking, and Online Banking Transfers.
• Interest & Rate Information – Interest is earned using the daily balance method and is paid each statement cycle. All rates are subject to change at Peoples State Bank’s discretion and are available upon request.

Peoples Preferred Money Market Savings

• Item Fees and Restrictions – None
• Interest & Rate Information – Interest is earned using the daily balance method and is paid each statement cycle. The interest rate is tiered based on the account balance. All rates are subject to change at Peoples State Bank’s discretion. Tiers and rates are available upon request.  

Bank from the convenience of your own home with Peoples State Bank Online Banking!