Checking
Regular Checking
Bank of Gibson City offers free checking accounts with no monthly service charge and no minimum balance required. The only cost incurred by the customer is for the purchase of personalized checks. First box of checks and first debit card are free.
Young Adult Checking
Bank of Gibson City offers an interest-bearing transaction account for customers between the ages of 16 and 22. The minimum opening deposit is $50.00. This account features a special rate that only applies to balances $5,000.00 or below. Balances over $5,000.00 will reflect the current Super Now interest rate. When the owner turns 23 years of age, no earnings will be accrued. Interest will be compounded and credited monthly. Interest rates are subject to change at the bank’s discretion. Monthly statements with image are furnished.
NOW Accounts
By maintaining a $500.00 minimum daily balance, checking funds can earn interest with no monthly service charge. A daily balance below the minimum will still earn interest, but a $5.00 fee will be assessed per statement cycle. Simple interest is accrued on daily ending balances and paid monthly to the account. Unlimited check writing is permitted.
Money Market Accounts
By maintaining a $2,500.00 minimum daily balance, funds can earn a higher rate of interest than a Now Account with no monthly service charge. A daily balance below the minimum will still earn interest, but a $10.00 fee will be assessed per statement cycle. Simple interest is accrued on daily ending balances and paid monthly to the account. Unlimited check writing is permitted.
Preferred Money Market Accounts
By maintaining a $10,000.00 minimum daily balance, funds can earn a higher rate of interest than a Money Market Account with no monthly service charge. A daily balance below the minimum will still earn interest, but a $10.00 fee will be assessed per statement cycle. Simple interest is accrued on daily ending balances and paid monthly to the account. Unlimited check writing is permitted.
Savings
Regular Savings
By maintaining a $100.00 minimum daily balance, funds can earn interest with no monthly service charge. A daily balance below the minimum will still earn interest, but a $5.00 fee will be assessed per quarterly statement cycle. Regular saving account holders will receive a quarterly statement of transactions and a record book for convenience. Interest is compounded daily and paid quarterly to the account. Minors (up to age 18) are exempt from the minimum balance requirement and will not be assessed fees.
$mart Start
$mart Start Savings Accounts are available for minors up to age 18 and earn a competitive interest rate. There is no minimum balance requirement and no monthly fees. Deposits are limited to an annual total of $3,500.00. Deposits over the $3,500.00 limit may be made to a separate Regular Savings Account. Only one $mart Start Savings Account may be opened per social security number.
Christmas Club
Christmas Club is a premium interest bearing savings account for persons 18 years and older. Minimum opening deposit is $10.00, with a maximum of $6,000.00 deposited within the year. Withdrawals are not permitted. One account per customer. Customer must have an existing deposit or loan relationship with the bank. New clubs start November 1st and are paid out the following year on October 31st.
Health Savings Accounts
Minimum $100 to open, with an interest rate of .25% and APY of .25%.
| Account Type/Term | Minimum to Open | Interest Rate | APY* |
|---|---|---|---|
| Savings | $100 | .10% | .10% |
| Smart Start Savings** | $25 | 4.00% | 4.08% |
| Young Adult Checking*** | $50 | 3.00% | 3.00% |
| NOW | $500 | .05% | .05% |
| Money Market | $2,500 | .15% | .15% |
| Preferred Money Market | $10,000 | .20% | .20% |
| Christmas Club | $10.00 | 4.00% | 4.02% |
| Health Savings | $100 | .25% | .25% |
Investments
Certificate of Deposits
We offer a variety of certificates of deposit with maximum earning power.
| Account Type/Term | Minimum to Open | Interest Rate | APY* |
|---|---|---|---|
| 91-Day CD | $2,500 | 1.65% | 1.66% |
| 182-Day CD | $2,500 | 2.00% | 2.01% |
| 12-Month CD | $2,500 | 3.00% | 3.00% |
| 18-Month CD | $500 | 3.10% | 3.15% |
| 24-Month CD | $500 | 3.25% | 3.30% |
| 30-Month CD | $500 | 3.00% | 3.05% |
| 36-Month CD | $500 | 2.20% | 2.22% |
| 48-Month CD | $500 | 2.25% | 2.27% |
| 60-Month CD | $500 | 2.30% | 2.33% |
91-day, 182-day, and 12-month CD interest paid at maturity
Interest on all other CDs paid semi-annually
Certificate Specials
| Account Type/Term | Minimum to Open | Interest Rate | APY* |
|---|---|---|---|
| 6-month CD | $5,000 | 4.50% | 4.55% |
| 9-month CD | $5,000 | 4.25% | 4.34% |
9-month CD interest will be compounded daily and credited quarterly
6-month CD interest paid at maturity
Individual Retirement Accounts
I.R.A.’s are an excellent way of planning for the future. Traditional and Roth I.R.A.s are available with four investment options to help your retirement funds grow. No administrative fees are assessed.
- 182-Day I.R.A. Certificate
A short-term I.R.A. investment requiring a $2,500.00 minimum investment. Excellent for rollovers and transfer or established accounts with larger balances. - 12 Month Fixed Rate Certificate
A certificate that requires a $100 minimum with additions permitted. The fixed rate is for the entire term of the investment. Interest is compounded quarterly. - 18 Month Fixed Rate Certificate
A longer-term I.R.A. investment requiring a $500 minimum investment with lump sum additions permitted. The fixed rate is for the entire term of the investment. Your earnings are compounded daily and capitalized quarterly. - 30 Month Fixed Rate Certificate
A longer-term I.R.A. investment requiring a $500 minimum investment with lump sum additions permitted. The fixed rate is for the entire term of the investment. Your earnings are compounded daily and capitalized semi-annually.
| Account Type/Term | Minimum to Open | Interest Rate | APY* |
|---|---|---|---|
| 182-Day Fixed | $2,500 | 2.00% | 2.01% |
| 12-Month Fixed | $100 | 3.25% | 3.28% |
| 18-Month Fixed | $500 | 3.50% | 3.56% |
| 30-Month Fixed | $500 | 2.15% | 2.17% |
Sweep Accounts
A fully collateralized deposit account to allow commercial customers a way to earn interest on their balances (exceeding $25,000.00) on an overnight basis. Interest on the sweep account will be calculated at the end of the month using the current money market rate.
Visit any one of our Customer Service Representatives for more details concerning Bank of Gibson City’s Deposit Services.
*See account disclosure for assumptions on the Annual Percentage Yield. Interest payment options may result in a different APY. All rates and Annual Percentage Yields (APYs) are accurate as of the effective date.
** $mart Start Savings accounts are only available to minors 0-18, limited to one account per social security number, and have a maximum annual deposit of $3,500.00.
*** Young Adult Checking 16-22 years of age. Rate paid up to $5,000.00. E-Statements required.
Interest rates on checking and savings account are variable and are subject to change without notice. Fees may reduce earning.
Penalties for early withdrawal on Certificates of Deposit and IRA’s:
- Terms of one year and less: 30 days interest forfeiture
- Terms of 18, 24, 30 & 36 month: 90 days interest forfeiture
- Terms of 48 & 60 month: 180 days interest forfeiture
Member FDIC
Equal Housing Lender