Personal SavingsThe best money is money in the bank. We can help you save for short- and long-term goals and milestones. |
Advantage Savings
Two free accounts that earn free money and build your savings for you—now that's a serious advantage! And that's exactly what you get with Advantage Savings, which is linked to your Advantage Plus Checking account. The high interest and ATM fee refunds* from Advantage Plus Checking are automatically transferred here. This means your nest egg grows on it its own, and continues growing with even more interest.
Account Features
- Earn 1.25% APY* on balances up to $25,000
- Earn 1.25 to 0.53% APY on balances over $25,000, depending on balance in account*
- Earn 0.05% APY* on entire balance if qualifications aren't met
- Automatic transfers generated from Advantage Plus Checking earnings
- No monthly service fee
- No minimum balance required to earn rewards
- Free Online Banking
- Free Mobile Banking
- Free eStatements
- ATM card available
- Free telephone banking
- Free direct deposit services
- 1¢ deposit to open
- FDIC insured (Up to the available limit)
Qualifications
By qualifying for the rewards on Advantage Plus Checking, you automatically qualify for Advantage Savings too. To recap, simply do the following transactions and activities in Advantage Plus Checking each monthly qualification cycle:
- Be enrolled and log into online banking
- Be enrolled and receive e-statement notice
- Have at least one direct deposit or automatic payment (ACH) post and settle
- Have at least 12 signature-based debit card purchases post and settle
That's it. But if you don't qualify one month, don't worry. Both accounts are still free and earn our base rate of interest. Best of all, you can get back to earning the full rewards the very next month.
*APY=Annual Percentage Yield. All interest rates by balance tiers and Annual Percentage Yield (APY) stated above are accurate as of today's date. Rates may change after account is opened. Minimum to open is $50 for Advantage Plus Checking and $0.01 for Advantage Savings. For Advantage Plus Checking, if qualifications are met each monthly qualification cycle, domestic ATM fees incurred during qualification cycle will be reimbursed up to $20 and credited to account immediately after qualifying. Qualifying transactions must post to and settle Advantage Plus Checking account during monthly qualification cycle. Transactions may take one or more banking days from the date transaction was made to post to and settle account. ATM-processed transactions do not count towards qualifying debit card transactions. "Monthly Qualification Cycle" means a period beginning the first day of the current statement cycle through the last day of the current statement cycle. The advertised Advantage Plus Checking APY is based on compounding interest. Interest earned in Advantage Plus Checking is automatically transferred to Advantage Savings each statement cycle and does not compound. Actual interest amount paid may be less than advertised Advantage Plus Checking APY. The Advantage Savings APYs may be less than Advantage Plus Checking APYs. If qualifications in Advantage Plus Checking are met each monthly qualification cycle: (1) balances up to $25,000 in Advantage Savings receive an APY of 1.25%; and (2) balances over $25,000 in Advantage Savings earn 0.35% interest rate on portion of balance over $25,000, resulting in 1.25% - 0.53% APY depending on the balance. If qualifications are not met on Advantage Plus Checking, all balances in Advantage Savings earn 0.05% APY. Transfers between accounts do not count as qualifying transactions. Fees may reduce earnings. Limit one account per social security number. Other restrictions may apply.
Statement Savings
The key to financial security is really quite simple: pay yourself first. This free savings account is designed to help you do exactly that. Otherwise, we all know how easy it is to pay out all your earnings and leave nothing for yourself. You may have all or a portion of your payroll check or retirement check direct deposited here. Our competitive interest rate helps you build your foundation quicker.
Account Features
- No monthly service fee
- No minimum balance requirement
- Competitive interest earnings on entire balance
- Free Online Banking
- Free Mobile Banking
- Free eStatements
- Free Bank of Holland Piggy Bank
- Can link to checking account for simplified combined statements
- ATM card available
- Free telephone banking
- Free direct deposit services
- FDIC insured (Up to the available limit)
Money Market Savings
Through exhaustive research we've determined pretty much everybody likes earning higher interest. So our Money Market Savings gives the opportunity to do so without charging a monthly service fee. The tiered rate structure yields higher rates on larger balances. It's one more incentive to save. Make the most of your money with Bank of Holland.
Account Features
- Tiered interest structure: larger balances earn higher rate
- Interest earned on entire balance
- No monthly service charge
- Free Online Banking
- Free Mobile Banking
- Free eStatements
- Free telephone banking
- Free direct deposit services
- FDIC insured (Up to the available limit)
Holiday/Christmas Club Savings
If you wait until December to fund the holidays, your shopping spree could become a shopping dud. Our Holiday Club Savings lets you set aside money throughout the year, so the season can be its merriest. There are no monthly service charges, and you can establish weekly, bi-weekly, or monthly deposits. Funds are disbursed in late October.
Account Features
- Earn interest on entire balance
- No monthly service fee
- Establish weekly, bi-weekly, or monthly deposits
- Funds disbursed in late October, paid by check or deposited into Bank of Holland account
- Penalty on interest earnings for early withdrawal
- Save for holiday shopping to avoid using credit cards
- $3 minimum deposit to open
- FDIC insured (up to legal limits)
Health Savings Account (HSA)
There are measures you can take, but unfortunately, planning your future health isn't really an option. However, planning for future medical-related expenses is. A HSA from Bank of Holland provides additional peace of mind and planning surrounding medical expenses. On top of competitive interest, HSAs offer triple tax savings. Regardless of job or life changes, your account and year-to-year carryover funds always remain in your hands, keeping the control where it belongs — with you.
Account Features
- Enhanced personal control over healthcare management and expenses
- Prepare for future medical expenses
- Earn competitive interest on entire balance
- An HSA provides triple tax savings:
- Tax deductions when you contribute to your account
- Tax-free earnings through investment
- Tax-free withdrawals for qualified medical, dental, vision expenses, and more*
- Contributions are tax-free and can be made by you, your employer, or a third party**
- Funds can be withdrawn at any time***
- Available at no additional cost to you
- Unused funds remain in account year after year; no "use it or lose it" policy
- Keep your HSA in your name, regardless of career or life changes
- Federally insured by FDIC
- $0.00 minimum deposit to open
Eligibility
Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.
*Consult a tax advisor.
**When used for qualified medical expenses. Consult a tax advisor. Qualified expenses include most medical care and services, dental and vision care, weight loss programs, some over the counter medications, mileage, and more.
***You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty