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Account Statement Savings Money Market Tiered Money Market
Minimum Deposit to Open $100 $1,000 $5,000
Service Charge $3.00 / Statement Cycle * See Below * See Below
Minimum Balance to avoid Service Charge $100 daily balance $1,000 daily balance $5,000 daily balance
Compounding and Crediting of Interest Interest is compounded on a Quarterly cycle basis and is credited to your account the end of the quarterly cycle Interest is compounded monthly and is credited on the last day of the statement cycle Interest is compounded monthly and is credited on the last day of the statement cycle
Account Statement

Quarterly Statements on last day of March, June, Sept, & Dec

 Monthly Cycle Monthly Cycle
Other Terms & Fees:

Transfer Limitations		 The account is limited to nine transfers per cycle. Transactions included as transfers to other accounts, transfers to third parties by preauthorization, automatic-withdrawal agreements or telephone transfers. No more than six of these transfers are permitted in any one month of the quarter. The account is limited to six transfers per statement cycle, three of which may be by check, draft or similar order. Transactions included as transfers to other accounts, transfers to third parties by preauthorization, automatic withdrawal agreements or telephone transfers. The account is limited to six transfers per statement cycle, three of which may be by check, draft or similar order. Transactions included as transfers to other accounts, transfers to third parties by preauthorization, automatic withdrawal agreements or telephone transfers.
Excessive Transfer Fee In the event the nine-transfer limitation is exceeded your interest will be forfeited and a $1.00 fee will be charged for each of these transactions. In the event the six-transfer limitation is exceeded, your  Interest will be forfeited and a $5.00 fee will be charged for each of these transactions. In the event the six- transfer limitation is exceeded, your Interest will be forfeited and a $5.00 fee will be charged for each of these transactions.
       
* Bal < $1,000 = $10.00

 
Christmas Club Account


With a First Midwest Bank Christmas Club Account you can save money for those extra expenses that occur during the Christmas holidays.  You tell us how much you want to save, and make your deposits when it is convenient for you.  Our Christmas Club Accounts run from the first week in November through the last week in October of the following year.  We mail out the Christmas Club checks the first business day in November, just in time to do your Christmas shopping.  Interest is compounded at maturity and included in your check.  Contact one of our Personal Bankers for more information and the current interest rates on our Christmas Club Account.

 

Certificates of Deposits

First Midwest Bank has a Certificate of Deposit to meet your investment needs.  With as little as $1,000 you can invest in a higher yielding deposit with terms from 30 days to 5 years.  Generally, the longer the term, the higher the interest rate.  Interest may be added back to the deposit, deposited to your checking, or paid by check.  Substantial penalties exist for withdrawals prior to the maturity date.  Contact one of our Personal Bankers for more information and current interest rates.

 Individual Retirement Accounts
An IRA is a tax-sheltered plan that allows you to provide for your financial future.

  • Traditional IRA is a tax-deferred long term retirement plan for individuals with earned income under age 70 1/2.  Contact one of our Customer Representatives for more details.
     

  • Roth IRA contributions are made with after tax income and earnings grow tax free.  Individuals who qualify may contribute past age 70 1/2 and there are no required minimum distributions as with the Traditional IRA.
     

  • Rollovers and Transfers from a pension, profit sharing, 401(k) retirement plan or tax sheltered annuity will retain the tax deferred status.

 Contact one of Personal Bankers for more information regarding current interest rates and terms on a First Midwest Bank IRA today.