CDs, IRAs, HSAs

Certificates of Deposit

*Annual Percentage Yield

  • Earn Interest on your account balance
  • Maturities from 31 days to 48 months
  • Minimum to open: $1,000.00
  • Interest: Fixed interest rate and annual percentage yield accrues daily, on the principal balance and is credited and compounded quarterly on certificates for terms of 6 months through 48 months. Interest is compounded at maturity for certificates of less than 6 months.
  • Withdrawal Penalties: Withdrawals of all or part of the funds from your account prior to maturity may result in an early withdrawal penalty.
  • Balance Method: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. We will use an interest accrual basis of 365 days in the year.
  • Piggy Bank CD: The minimum opening deposit is $100.00. Deposits may be made to the "Piggy Bank CD" at any time in increments of $100.00 or more. Interest will not be compounded and will be credited at maturity.

* See a Personal banker regarding rates, special Certificate of Deposit Promotions and Jumbo CD Rates. Terms and conditions will be disclosed on the Certificate of Deposit Agreement at the time the account is opened.

Individual Retirement Accounts

  • Traditional IRA – Personal tax deferred savings plan
  • Roth IRA – Nondeductible account that features tax-free withdrawals (with qualifications) after a five year holding period.
  • Educational IRA – Nondeductible account that features tax-free withdrawals for a very specific purpose-a child’s higher education expenses.
  • Interest: Fixed interest rate and annual percentage yield accrues daily on the principal balance; is credited and compounded quarterly on IRAs for terms of 6 months through 48 months. Interest is compounded at maturity for IRAs with less than 6-month terms.
  • Withdrawal Penalties: Any withdrawals shall be subjected to all applicable tax and other laws and regulations including possible early withdrawal penalties and withholding requirements.
  • Balance Method: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. We will use an interest accrual basis of 365 days in the year.

*This agreement is subjected to all applicable Federal and State laws and regulations. See a Personal Banker regarding special Individual Retirement Account rates, Promotions and Jumbo rates. Terms and conditions will be disclosed on the Deposit Account Agreement at the time the account is opened.

Health Savings Accounts

A Health Savings Account is a special savings plan authorized by the federal government for consumers who qualify to pay so called first dollar medical expenses (i.e. the amount deductible on your health insurance plan).  Qualified individuals enjoy significant tax benefits related to paying qualified medical expenses. 

  • Minimum to open: $100.00
  • Interest: Earns premium deposit rates
  • Fees: $3.00 monthly service charge if daily balance goes below $100.00
  • Unlimited Check Writing
  • Free Debit Card

The interest rate is variable and subject to change as determined by the bank.  Interest accrues each day on the daily balance and is credited at the end of every four (4) week or similar period.  Interest begins to accrue on the business day you deposit noncash items (for example, checks).  Interest will be compounded and will be credited to the account monthly.

Health Savings Accounts Debit Card

May not be used at ATM machines.  $500.00 Daily Limit at Health related merchants.  To use your card at Health related merchants; choose the transaction to be CREDIT.  There is NO PIN number assigned to cards.

See a Personal Banker regarding rates and special promotions.  Terms and conditions will be disclosed on the Deposit Account Agreement disclosure at the time the account is opened.

CDARS®

“Certificate of Deposit Account Registry Service"

Midwest Bank signed with a company called “CDARS®” to cover deposits from individuals and public entities so they may receive full FDIC insurance on deposits over $250,000.00. CDARS® pronounced “cedars”, was created to provide FDIC coverage to large deposits.

The CDARS® system takes deposits of more than $250,000.00, and then divides the money up into smaller amounts, placing the funds into certificates of deposit with different banks within the CDARS® network.

CDARS® offers the customer a high competitive rate of interest (we set our own rates) in a wide variety of multi term certificates of deposit. 

All funds are on deposit with one bank receiving one statement. Safe and secure because it is fully FDIC insured.  It eliminates the tracking of collateralized funds and the market value of the funds pledged for security.  Money stays locally in our community.

Contact Sara Bockelman, Chief Retail Officer
Phone: (309) 457-6282
Email: sara.bockelman@mbwi.com

Funds may be submitted for placement through CDARS® only after a depositor enters into the CDARS® Deposit Placement agreement with us.  The agreement contains important information and conditions regarding the placement of funds by us using CDARS®.  CDARS® is a registered service mark of Promontory Interfinancial Network, LLC.

* Prospective depositors and /or borrowers must be of legal age to apply for a loan or deposit