Savings Account

Whether you’re opening a savings account to transfer funds or saving up for a down payment on your first home, there’s a savings account at West Plains Bank and Trust Company to meet your needs. 

Personal Savings Account

It’s important to note that you have multiple types of savings accounts available to you, the most popular being a personal savings account, which comes with balance requirements and potential monthly maintenance fees. 

A personal savings account at West Plains Bank and Trust Company requires a $100 minimum deposit at the time of opening, and immediately begins to earn competitive interest rates on your funds. Should a customer’s balance fall below $100, a monthly fee of $3 will be charged to their account. Customers under 21 years of age are not subjected to minimum balance fees and only $1 is required to open an account. 

Customers receive six FREE withdrawals each month, whether made in-person or by mail*. Monthly withdrawals in excess of six will result in a $3 fee per withdrawal. 

*Other limitations may apply - see branch for details. 

Money Market Accounts are flexible savings accounts that let you grow your resources and transfer funds, while enjoying many of the features provided by a checking account, such as the use of a debit card or check writing. 

A minimum balance of $100 is required at opening, and West Plains Bank and Trust Company Money Market Accounts with a balance lower than $2,500 each month are subject to monthly maintenance fees. Accounts are granted a 30-day grace period at the time of opening before service charges occur.

Money Market Accounts features include:

• Greater flexibility with your savings.
• Competitive rate of interest on your funds.
• Member FDIC-insured protection. 
• A minimum monthly balance of $2,500 is required.
• A $10 fee is applied if the account balance falls below the minimum any day of the month.
• Includes six free monthly withdrawals.
• Withdrawals or transactions in excess of six incur a $5 fee per withdrawal.

Hospital and doctor bills often spiral out of control, wiping away savings in the blink of an eye. A Health Savings Accounts (HSA) is a savings account that earns interest and is designed to help customers prepare for medical expenses in advance. 

Customers looking to open a Health Savings Account must be eligible and covered by a high-deductible health plan from their insurance provider. A minimum deposit of $40 or a direct deposit connection is required to open an HSA at West Plains Bank and Trust Company. 

All contributions made to your HSA are tax exempt. HSA funds are used exclusively for paying for or reimbursing qualified medical expenses. Annual contributions to your HSA are set by the Internal Revenue Service (IRS), and contributions may be tax deductible. Consult your tax advisor to see if a HSA is right for you. 

Santa Savings Accounts are a unique way to save, often in preparation of holiday spending. 

Accounts can be opened on the last Friday of November through the last Monday in January each year. Once opened, you determine how often you’d like to deposit funds into your Santa Savings account. Then, on the first day of November following the account’s opening, you’ll receive a direct deposit into the account of your choosing. This deposit includes the balance of the Santa Savings Account, plus interest. 

Santa’s best helpers save smarter, so they can shop harder. Contact a customer service representative for more details or click here for an application (PDF).