Savings Accounts are simple interest bearing accounts that offer safety and liquidity, subject to transaction limitations. Savings accounts are a convenient, low cost way to save regularly for specific financial needs, or to contribute to "emergency" funds. They can be opened with as little as $100 (no restrictions for minors) and no maintenance fees occur when the minimum balance is maintained.

Certificates of Deposit (CDs) offer clients fixed rates of return over a specified period of time, from 30 days to five years. Annual percentage yields are higher than savings accounts and typically increase with the length of term. Certificates are excellent investments for those who do not need liquidity, and because of their predictable return, they can be matched to specific short and medium term savings goals.

Money Market Accounts pay variable money market interest rates on account balances that can be accessed by check for any purpose, subject to transaction limitations. Money Market Accounts generally pay higher interest rates than a Checking with Interest account and are designed for clients who wish to combine an investment savings rate and some cash management conveniences into one account.

The Build-A-Buck Program is an innovative investment vehicle that lets clients make regular additional deposits to automatically renewable certificates of deposit. These regular investments can be set up with automatic transfers from another First Midwest Bank Account. The initial investment is minimal, making Build-A-Buck an ideal strategy for those who need a monthly budget approach to get their savings program started.

Individual Retirement Accounts (IRA) are a smart way to build savings for retirement or higher education expenses while realizing significant tax advantages. There are three types of IRA now available. (Please consult your tax advisor regarding your individual opportunities.) Use our How an IRA Grows Calculator

Traditional IRA is a tax-deferred long-term retirement savings plan for individuals with earned income under age 70½. Up to $3,000 may be contributed each tax year and all or part of your contributions may be tax deductible.

Roth IRA contributions are made with after tax income and earnings grow tax-free. Individuals who qualify may contribute past age 70½ and there are no required minimum distributions as with the Traditional IRA.

Education plan (not really a retirement savings plan) contributions are made with after tax income to any child under age 18 to assist with their college expenses. Earnings grow tax-free.

Captain Saver Club is a special savings club that awards children with T-shirts and prizes when certain account balances are reached. This savings account is an ideal way to help teach kids the value and importance of saving. (Available to children under age 19.)