What Checking or Savings Account Type Do You Need?

Home Blog What Checking or Savings Account Type Do You Need?

Posted On: February 29, 2024 by Peoples Bank of Kankakee County in: General Personal Finances

Choosing the right deposit account is a crucial step in managing your finances effectively. With a variety of account types available, each catering to different needs, understanding your options can help you make informed decisions.

Personal checking accounts are the foundation of your day-to-day financial transactions. They allow you to deposit and withdraw money, pay bills, and access funds through various channels like checks, debit cards, and online banking. Let's begin by exploring two of the personal checking accounts offered by Peoples Bank:

1. Simplicity Checking

Overview: Simplicity Checking is a basic, straightforward checking account. This non-interest bearing account has no minimum balance requirement after opening the account with as little as $25.

Ideal for: Individuals looking for a simple checking account for everyday financial activities.

2. RewardsPLUS Checking

Overview: RewardsPLUS Checking takes your banking experience to a higher level by offering a high interest rate and ATM refunds when qualifications are met. It combines the functionalities of a traditional checking account with added benefits of growing your money.

Ideal for: Those seeking extra incentives and rewards from their everyday banking transactions.

VIEW ALL CHECKING OPTIONS

Personal savings accounts serve as a cornerstone for building a secure financial foundation. These accounts offer a safe and accessible way to save money, earn interest, and work toward your short-term and long-term financial goals. Personal savings accounts are designed to help you grow your money over time.

3. Savings Account

Overview: Our basic Savings Account earns interest and has no monthly service charge if you maintain a balance of $300 or more.

Ideal for: Individuals looking for a straightforward savings account to set money aside for emergencies, future expenses, or specific goals.

4. RewardsPLUS Saver

Overview: RewardsPLUS Saver complements your RewardsPLUS Checking account by offering BIG interest on your savings. This integrated approach encourages both spending with rewards and saving for the future.

Ideal for: Individuals who want to maximize their benefits by boosting their checking and savings accounts.

VIEW ALL SAVINGS OPTIONS

5. Premier Money Market Account

Overview: Put your savings to work with a Premier Money Market Account. Start earning 4.25% Annual Percentage Yield (APY) as long as you start your account with $25,000 in new money (money not already on deposit at Peoples Bank).

Ideal for: Established savers looking to maximize their current savings with a higher interest rate on higher balances.

6. CDs & HSAs

Overview: Certificates of Deposit (CDs) lock in your funds for a fixed period at a higher interest rate, while Health Savings Accounts (HSAs) provide a tax-advantaged way to save for medical expenses.

Ideal for: Savers looking for various options to meet their financial goals, from short-term savings to long-term investments.

Checking, Savings, Money Market & CD Rates

Peoples Bank offers competitive rates for checking, savings, money market accounts and CDs. These rates determine the interest you earn on your deposits, providing an added incentive to keep and grow your money with the bank!

Conclusion

Choosing the right deposit account depends on your financial goals, spending habits, time horizon, and preferences. Whether you prioritize rewards, long-term savings, or competitive interest rates, Peoples Bank has a range of options to suit your needs.

Take the time to assess your financial priorities and consider speaking with a banking professional to guide you toward the accounts that align with your objectives. Remember, a well-chosen account can be a valuable tool on your journey to financial success.

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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.