Multiple Ways to Save for Tomorrow

Emergency fund, vacation, college, retirement, or just saving for that special thing you’ve been pining over; whatever your reason to save some for later, it is a wise decision.

The Callaway Bank provides several options to put some money away depending on your needs.

Savings Accounts:

This simple account still does the job.  A specific account that you can deposit funds in for when you need them.  It pays interest quarterly.

Tip:  We can set up your checking account to automatically transfer money to your savings, monthly or every payday.  You choose how often and for how much.

There are a lot of 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.

Requirements to Open a Personal Savings Account:

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 withdraws you can make are six within a month.  They also usually require a larger amount to open.

These accounts are great for emergency funds.  They allow you to keep a larger amount set aside but it is quickly available when needed.

View Transaction Limitations and Fees for Money Markets.

CDs (Certificate of Deposit)

CDs are another savings instrument and can earn quite a bit more in interest.  There are a variety of 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 more than a savings account.  Manage your earnings by combining your choice of time commitment, deposit amount, and either a fixed rate or our popular “Bump” CD. With competitive interest rates, Callaway Bank CD’s are a great way to invest and earn on your money. |

Minimum to open a CD is $500.

U.S. Savings Bonds

While not as popular as they once were, U.S. Savings Bonds are still available, but they are only sold via the government website.  You can redeem savings bonds at any Callaway Bank lobby location.  Bonds are great for gifts or setting aside money for a child’s college fund.

Savings bonds are now only sold by the US Government online. Visit the Treasury Direct website.