Personal savings
for everyone.
Golden Savings
- Minimum balance to open the account (You must deposit $100.00 to open this account )
- Rate Information- Your interest rate and annual percentage yield may change. We may change the interest rate on your account at any time.
- Determination of rate- At our discretion, we may change the interest rate on your account.
- Compounding and crediting frequency- Interest will be compounded every quarter. Interest will be credited to your account every quarter.
- Effect of closing an account- If you close your account before interest is credited, you will not receive the accrued interest.
- Minimum balance to obtain the annual percentage yield disclosed- You must maintain a minimum daily balance of $100.00 to obtain the disclosed annual percentage yield.
- Average daily balance computation method- We use the average daily balance method to calculate the interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is a quarterly statement cycle
- Transaction limitations- You may withdraw funds only during the first ten days of the calendar quarter. If a withdrawal is made outside of the specified withdrawal period, your account may be closed.
- Accrual of interest on noncash deposits- Interest begins to accrue on the first business day after the banking day you deposit noncash items (for example, checks).
Silver Savings
- Minimum balance to open the account (You must deposit $100.00 to open this account )
- Rate Information- Your interest rate and annual percentage yield may change. We may change the interest rate on your account at any time.
- Determination of rate- At our discretion, we may change the interest rate on your account.
- Compounding and crediting frequency- Interest will be compounded every quarter. Interest will be credited to your account every quarter.
- Effect of closing an account- If you close your account before interest is credited, you will not receive the accrued interest.
- Minimum balance to obtain the annual percentage yield disclosed- You must maintain a minimum daily balance of $100.00 to obtain the disclosed annual percentage yield.
- Minimum balance to avoid Minimum Balance Fee- A minimum balance fee of $10.00 will be imposed every quarterly statement cycle if the account falls below $100.00 anytime during the quarterly statement cycle
- Average daily balance computation method- We use the average daily balance method to calculate the interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is a quarterly statement cycle
- Transaction limitations- Withdrawals or transfers from a Silver Savings account to another account by preauthorized, automatic, or telephone transfers are limited to six per quarter.
- Accrual of interest on noncash deposits- Interest begins to accrue on the first business day after the banking day you deposit noncash items (for example, checks).
FAQs
What does APY mean on a savings account?
APY stands for Annual Percentage Yield. It shows how much you could earn on your savings over one year based on the interest rate and how often interest is compounded. Because the rates on Bank of Winona savings accounts are variable, the APY may change over time.
What does it mean when interest is compounded quarterly?
Quarterly compounding means interest is calculated and added to your account four times per year. Once interest is credited to your account, it becomes part of your balance and can also earn interest.
What is the difference between Golden Savings and Silver Savings?
Both accounts allow you to earn interest on your savings, but they have different rules for accessing your money. Golden Savings has a specific withdrawal period during the first 10 days of each calendar quarter, while Silver Savings allows more flexibility but limits certain transfers to six per quarter.
Can I add money to my savings account after I open it?
Yes. You can continue making deposits to your savings account after it is opened. Adding to your savings regularly can help you build your balance over time and increase the amount available to earn interest.
Is my money safe in a savings account?
Savings accounts at FDIC-insured banks are insured by the Federal Deposit Insurance Corporation (FDIC) up to applicable legal limits. This provides protection for eligible deposits if an insured bank fails.
How much money should I keep in a savings account?
The right amount depends on your financial goals and circumstances. Many people use savings accounts to build an emergency fund, prepare for upcoming expenses or save toward larger goals such as a vacation, vehicle or home purchase.