Choosing the Right Savings Account for Your Financial Goals

Home Blog Choosing the Right Savings Account for Your Financial Goals

Posted On: June 3, 2025 by Peoples Bank of Kankakee County in: Saving

Saving money is a fundamental aspect of financial well-being, whether you're building an emergency fund, planning a vacation, or preparing for retirement. Peoples Bank of Kankakee County offers a variety of savings accounts tailored to meet diverse financial goals! Here's an overview to help you select the account that aligns with your needs.

1. Savings Account

Overview: This traditional savings account is ideal for individuals starting their savings journey. With a minimum opening deposit of $100 and no monthly service charge when maintaining a $300 daily balance, it offers a straightforward way to earn interest on your funds.

Best for: Those seeking a simple and accessible savings option.

2. RewardsPLUS Saver

Overview: Designed to complement the RewardsPLUS Checking account, the RewardsPLUS Saver offers a higher interest rate when qualifications are met in the linked checking account. This account encourages consistent saving by transferring earned interest and ATM refunds from the checking account directly into the RewardsPLUS Saver account.

Best for: Individuals looking to maximize their savings through a high-yield account linked to their checking activities. Must have the RewardsPLUS Checking Account to qualify for this account.

3. Premier Money Market Account

Overview: For those with higher savings balances, the Premier Money Market Account offers tiered interest rates, with balances of $25,000 or more earning an impressive APY. This account requires new money not currently on deposit at Peoples Bank and provides the flexibility of check-writing privileges.

Best for: Savers seeking higher returns on substantial balances with the convenience of liquidity.

4. Money Market Account

Overview: This account offers competitive interest rates that increase with higher balances, starting with a minimum opening deposit of $2,500. It combines the benefits of a savings account with the flexibility of limited check-writing capabilities.

Best for: Individuals who want to earn higher interest while maintaining access to their funds.

5. Certificates of Deposit (CDs) & Health Savings Accounts (HSAs)

Overview: For long-term savings goals, CDs provide fixed interest rates over specified terms, ensuring predictable growth. HSAs offer a tax-advantaged way to save for medical expenses, available to those with high-deductible health plans.

Best for: Savers focused on long-term financial planning and those looking to manage healthcare costs effectively.

Selecting the right savings account depends on your financial objectives, whether it's building an emergency fund, earning higher interest on larger balances, or planning for future expenses. Peoples Bank of Kankakee County provides a range of options to support your savings goals.

Ready to take the next step? Explore our savings account options and find the one that's right for you.

View All Savings Options

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

We have standard overdraft practices that are available after your account has been open for 30 days and as long as you maintain your account in good standing.
We also offer an overdraft protection plan, Overdraft Protection Sweep, a link to a savings account. It may be less expensive than our standard overdraft practices. To learn more, ask us about this plan.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

After your account has been open for 30 days and as long as you maintain your account in good standing, we do authorize and pay overdrafts for the following types of transactions:

Checks and other transactions made using your checking account number
Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

ATM transactions
Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Peoples Bank of Kankakee County pays my overdraft?

Under our standard overdraft practices:

We will charge you a fee of up to $30 each time we pay an overdraft.
The maximum daily overdraft fee per presentment or item paid using the Overdraft Reserve Program is $150.00 per day.
No per item handling fee will be charged on de minimis overdrafts. De minimis overdraft for this policy means transactions that overdraw your account by $30 or less.
There is an overdraft fee of $5 per day that will be charged beginning the 4th consecutive business day your account is overdrawn.

Nonsufficient funds (NSF) fees - if an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money in your account and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.

PAYMENT ORDER OF ITEMS - The law permits us to pay items drawn on your account in any order (for purposes of this section "items" means checks, orders and electronic transactions). To assist you in handling your account with us, we are providing you with the following information regarding how we process those items. When processing checks and orders drawn on your account our policy is to pay lower numbered checks and orders in numerical sequence, but electronic transactions are paid first in the order received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. However, if the largest items are paid first, your most important items might be paid but it may increase the overdraft or NSF fees if funds are not available to pay all of the items. We think our policy attains a reasonable balance between minimizing additional costs to you and paying your more important items. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and incurring the resulting fees.

What if I want Peoples Bank of Kankakee County to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions after your account has been open for 30 days, you may opt in.

You have an ongoing right to change this consent at any time. If your overdraft privilege has been revoked for any reason, the opt-in or opt-out selection may not apply. Please contact your nearest office for more information.

Alternate ways to Opt In/Out or make changes:

By Phone. Our Customer Care Representatives can be reached at 815-936-7600.
By Mail. Peoples Bank of Kankakee County, 333 E. Court Street, Kankakee, IL 60901
In Person. Please visit your local office and ask a representative to help you decide which plan is best for you.