Multiple Ways to Save for Tomorrow

Emergency fund, vacation, college, retirement, or just saving for that special thing you’ve been wanting; whatever your reason to save some for later, it is a wise decision. There are many reasons people save. No matter what you’re saving for, we’re here to help keep your money safe and secure until you’re ready to use it. The Callaway Bank provides several options to put some money away depending on your needs.

Personal Savings Account: Having a specific account that you can deposit funds for your future needs helps make savings easy! You can even set up auto-transfer to your Personal Savings Account – monthly or every payday! You choose how often and how much.

Requirements to Open a Personal Savings Account:

  • $100 initial deposit to open an account
  • $200 minimum balance required to avoid $5/month fee
  • Interest is compounded and paid to account quarterly
  • Quarterly statements are mailed one month earlier than the calendar quarter
    Withdrawal limitations and fees may apply depending on your account activity, learn more.

Easy Save Savings Account comes with a competitive interest rate than other savings accounts and requires an auto-transfer of $10 per month from your Callaway Bank checking account into your Easy Save Savings Account, learn more.

Money Market Accounts:

A money market is similar to a savings account but with a little more flexibility. Money markets typically earn more interest than a savings account, and you can write checks on the account. However, due to federal rules, the max number of checks or withdrawals you can make is six within a month. They also usually require a larger deposit amount to open.

These accounts are outstanding for emergency funds. They allow you to keep a larger amount set aside, but it is quickly available when needed. Withdrawal limitations and fees may apply depending on your money market account activity, learn more.

CDs (Certificate of Deposit)

CDs are another savings instrument and can earn quite a bit more in interest. There are various types of CDs, but in general, the way a CD works is a person agrees to deposit an amount of money for a specific amount of time. An example would be you could open a CD for $5,000 for a 12-month term. Because you agree to keep in the bank for that period of time the bank agrees to pay you a higher interest rate.

“Add On CDs”: The Callaway Bank has made CDs more flexible by allowing you to keep depositing funds into your CD during its term.

Long and short-term CDs both earn a higher rate than a savings account. Manage your earnings by combining your choice of time commitment and deposit amount.

The minimum to open a CD is $500.00.

Check CD Specials Here

US Savings Bonds

While not as popular as they once were, US Savings Bonds are still available, but they are only sold by the US Government online at the TreasuryDirect website. You can redeem savings bonds at any Callaway Bank lobby location.