Savings, CDs & IRAs

PWSB offers saving accounts that will grow from your first pennies to an enjoyable retirement. 

KID'S CLUB SAVINGSclick here to apply now!

Do you want to teach your kids how to save money? This is the perfect account.

  • Designed for Kids
  • No Minimum Balance
  • Interest earned, paid monthly
  • FDIC Insured

REGULAR SAVINGSclick here to apply now!

A great savings account fully loaded with features that will save you time and money.

  • Interest paid monthly
  • Monthly Statement
  • 24 hour Telebanking line
  • $200.00 daily balance must be maintained to avoid a $5.00 monthly maintenance fee

MONEY MARKET ACCOUNTclick here to apply now!

If you want to earn interest, have check writing capabilities and other benefits this account is for you.

  • Interest paid monthly
  • Monthly Statement
  • 24 hour Telebanking line
  • Unlimited number of withdrawals in person
  • 6 transfers per month are permitted
  • $1,000 minimum balance to open account
  • $6.00 per month maintenance fee if $1,000 balance is not maintained

MONEY MARKET INDEX ACCOUNTclick here to apply now!

  • Competitive Interest Rate
  • Interest paid monthly
  • Monthly Statement
  • 24 hour Telebanking line
  • Unlimited number of withdrawals in person
  • 6 transfers per month are permitted
  • $10,000 minimum balance to open account
  • $8.00 per month maintenance fee if $10,000 balance is not maintained
  • Lower rate of interest will be earned if the account balance falls below $10,000

HEALTH SAVINGS ACCOUNT (HSA)click here to apply now!

A tax-advantaged account* that allows you to save for current and future medical expenses. This account is ideal if you have a high-deductible health plan or high out-of-pocket medical costs.
 

  • Interest paid monthly
  • No Annual Fee ATM Card
  • Monthly Statement
  • 24 hour Telephone and Internet Banking
  • $200.00 daily balance must be maintained to avoid a $5.00 monthly maintenance fee. See IRS rules to determine eligibility.
    *Consult your tax advisor

CERTIFICATES OF DEPOSIT (CDs)

Certificates of Deposit (CDs) are similar to savings accounts, except they have a specific fixed term and interest rate. This makes them a safe, convenient way to save for your retirement, vacation, new home or college education.

  • CD Terms range from 90 days to 5 years with low minimum deposit requirement.
  • Interest rates are set on a weekly basis to give you the most competitive rates available. Click for current rates CD Rate Sheet
  • Interest can be deposited into another PWSB account, reinvested into the CD or paid out monthly by check.
  • Combine your CD information with other Port Washington State Bank accounts and receive one monthly statement.
  • Use your CD as collateral when you need to borrow money unexpectedly.
  • For more information contact our Customer Service Department at 1-800-550-9435 or use our contact form.
  • Click here for a link to the FDIC's Electronic Deposit Insurance Estimator (EDIE). EDIE allows you to calculate the insurance coverage of your accounts at FDIC-insured institutions like Port Washington State Bank.

Worried about investing in a CD in a low-rate environment?

Consider a laddering approach. By opening longer term CDs at different times, your CDs will come due every year, 6 months, or even more frequently. By staggering when your CDs mature you retain the ability to access funds without incurring a penalty. Laddering also gives you the opportunity to invest during different rate environments and enjoy better returns than investments in savings, money markets or short-term CDs.


HOLIDAY SAVINGS ACCOUNTclick here to apply now!

Do post-holiday bills get you down?  Trim away some of the stress by opening a holiday savings account.

  • $1.00 minimum balance to open account
  • Interest paid annually
  • If account is closed before interest is paid, you will not receive the accrued interest
  • No withdrawals are allowed on this account until closed
  • Account will mature the third week of October each year and will auto renew unless no deposits have been made within 90 days after maturity


Individual Retirement Accounts (IRAs)

Here are a few key facts and account features that can help you determine if an IRA is the right tool for you.

  • FDIC insured
  • Features competitive interest rates
  • Has no annual administration or maintenance fee
  • Carries an automatic renewal option
  • Interest compounds quarterly
  • After age 59 ½ you have the option to increase the interest rate on your IRA once every 12 months
  • Must have earned income and have not reached age 70 ½ by the end of the year
  • Annual Contribution Limit (applies to any combination of IRA plans other than the Education Savings Account)
    • Year 2010 - $5000.00
    • Catch-up amount (50+) - $1000.00
  • Contributions are fully tax deductible if you are not an active participant in an employer retirement plan
    • Investments grow on a tax-deferred basis
    • Earnings are taxed only upon withdrawal
    • Required distributions after age 70 ½

COVERDELL EDUCATION SAVINGS ACCOUNT (Formerly Education IRA)

Coverdell Education Savings Accounts are a great way to invest in the future of your children or other young beneficiaries.

  • Designated beneficiary must be an individual under the age of 18
  • The age 18 limitation does not apply to any designated beneficiary with special needs
  • Annual Contribution Limits
    • Year 2002 & after - $2,000 per beneficiary
  • Earnings grow tax-free
  • No tax deduction for contributions

MEDALLION SIGNATURE GUARANTY

Many stocks, bonds and other security transfers require a special signature Guaranty endorsement. Port Washington State Bank is licensed to use the official Medallion Signature Guaranty stamp required to make such documents legal. We provide this service at no charge to our customers.