First Bank of the Lake: CDs Vs. Savings Accounts - Which Savings Product is Right for You?

Saving money is always important! However, not every savings may be right for you and your specific situation. Our bank at the Lake of the Ozarks believes you should know all your options before choosing the best saving strategy. First Bank of the Lake doesn't try to sell you on any financial product you don't need. Keep reading to learn more about CDs and savings accounts. For further help determining which savings product is right for you, call our bank in Osage Beach today at 573-348-2265.

CDs Vs. Savings Accounts - Which Savings Product is Right for You?

Certificates of Deposit (CDs)

What is a CD?

Certificates of Deposit (CDs) are common savings products also known as "time deposits". CDs are typically offered in terms of 3 months, 6 months, 1 year, 2 years, 3 years, or greater.

In exchange for locking away a consumer’s cash for a specific time period, CDs typically offer higher yields than a regular savings account.
The rates typically increase with the length of deposit terms.
Deposits in a bank CD are federally insured by the FDIC for up to $250,000 per depositor, per insured bank.

First Bank of the Lake has a variety of CD's to fit your needs. Terms ranging from 3 months to 60 months with very attractive interest rates*.
*Rates subject to change without notice

Traditional Savings Accounts

Traditional plans for customers who need a safe way to protect their capital while earning interest. You are not required to have other accounts to earn interest.

It takes $100 to open this account.
The account includes a semi-annual statement and Free Direct Deposit.

We Also Offer Minor Savings Accounts

Requires $50 to open this account with no minimum balance required.
Minimum Balance to Avoid Imposition of Fees
If balance falls below $200 on any day in the statement cycle, a maintenance fee of $2 will be imposed once during the cycle.

Transaction Limitations
Transfers from a Savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per statement cycle with no transfers by check, draft, debit card, or similar to third parties.

An excess withdrawal charge fee of $1 will be charged for each debit in excess of six per statement cycle.
If a customer or the bank closes an account within 180 days after the opening of the account the customer will be charged a $30 closing fee.

Free Kasasa Saver®
Build savings automatically — link this account to your free Kasasa® checking. Free Kasasa Saver® is saving simplified. Connect it to your Kasasa Cash® or Kasasa Cash Back® checking to build your savings effortlessly. When you earn cash rewards in your Kasasa checking, those earnings transfer into your Kasasa Saver. That’s Kasasa at First Bank of the Lake — free accounts that reward you for banking locally.

Have at least 12 debit card purchases post and settle
Be enrolled in and log into online banking

Please note, even if you don’t meet these qualifications, there are no penalties — your accounts are still free. Plus, you’ll still earn our base rate on your Kasasa Saver balance. And you can get right back to earning your full rewards the very next cycle that you qualify.

Need Helping Picking the Right Savings Product for You?

Our community bank at the Lake of the Ozarks is here for you! When you work with a local bank, you put your money to work growing the local economy. Save money while supporting your community and give First Bank of the Lake a call. We are ready to help you save money while using a product that can work for YOU.

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