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At Freeport State Bank, personal banking is just that: personal. Our community-minded approach allows us to offer better, more responsive service than our larger competitors. Plus, we’ve structured our products and services to satisfy your day-to-day banking needs. We give you the personal attention you deserve, whether it’s online, on the phone, or in person.
We understand everyone’s banking needs are different. That’s why we offer a variety of flexible checking accounts, all designed to make banking easier and help you reach your financial goals. Take a look below to see the options available, and contact us to help you find the checking account to best suit your needs.
SHAZAM check cards are available for use anywhere VISA® Debit Cards are accepted.
Saving for the future is an important part of everyone’s personal financial plan and we do everything we can to give you the most for your money!
We offer several convenient ways to save:
For those looking for a bit more performance from their money, there are several benefits of a Certificate of Deposit from Freeport State Bank.
CDs earn a greater interest rate than regular savings accounts, and interest rates on CDs never change during their term. CDs in 6, 12, and 24-month terms are available ($500.00 minimum required). Please call for current interest rates.
A CD is different from a traditional savings account in several ways. A CD is what’s called a time deposit. With a savings account you can deposit and withdraw funds relatively freely, but with a CD, you agree to keep your money there for a set period of time, called the term length.
An Individual Retirement Account from Freeport State Bank can get you on the road to financial security. By examining your personal financial goals, we can put together a plan that is right for you. Stop in today and we can get started over a cup of coffee and a look at your long term goals. IRA’s available are:
IRA stands for Individual Retirement Account. An IRA allows individuals to direct pretax income towards investments that can grow tax-deferred; no capital gains or dividend income is taxed until it is withdrawn. Individual taxpayers are allowed to contribute 100% of any earned compensation up to a specified maximum dollar amount. Contributions to a traditional IRA may be tax-deductible depending on the taxpayer’s income, tax-filing status and other factors.
Roth IRA is an individual retirement plan that bears many similarities to the traditional IRA. The biggest distinction between the two is how they’re taxed. Since traditional IRAs contributions are made with pretax dollars, you pay income tax when you withdraw the money from the account during retirement. Conversely, Roth IRAs are funded with after-tax dollars; the contributions are not tax deductible, depending on your income and life situation. But when you start withdrawing funds, these qualified distributions are tax free.
A SEP is a retirement plan established by employers, including self-employed individuals. The SEP is an IRA-based plan to which employers may make tax-deductible contributions on behalf of eligible employees, including the business owner. The employer is allowed a tax deduction for plan contributions, which are made to each eligible employee’s SEP IRA on a discretionary basis.
A tax-deferred trust account created by the U.S. government to assist families in funding educational expenses for beneficiaries 18 years old or younger. While more than one ESA can be set up for a single beneficiary, the total maximum contribution per year for any single beneficiary is $2,000.
Formerly called an education ERA, the ESA allows families to increase investment earnings through tax-deferral as long as the funds are used for educational purposes.
Sources: IRS, Investopedia
Click here for printable Real Estate Application
There is “no place like home,” regardless of whether it is your first home, your dream home, lake place or farm home. Freeport State Bank can help make it happen with mortgage products that meet your specific needs. Also, look to us when you find that perfect location for a new home or business, a prime piece of hunting land, or a future development site.
Talk to one of our Home Loan professionals to find the best loan for you.
Take advantage of the equity you’ve built up in your home to improve other areas of your life! Whether it’s for home improvement, your kids’ education or for that vacation you’ve always wanted, a home equity loan from Freeport State Bank can be a valuable tool in helping you and your finances. Below are just a few ideas of what you can use the equity in your home for:
Call or stop in at our Freeport, Melrose or Greenwald location today to inquire about a home equity loan today.
A Fixed Rate Home Equity loan is the ideal way to borrow when a steady monthly payment works best for you. It can be used for major purchases, such as a car, boat, second home or bill consolidation. There is no prepayment penalty, and interest may even be tax deductible!*
Establishing a Home Equity Line of Credit is like having the money right in your checking account. It is available to you whenever and for whatever you may need—from home improvement to education, or even your dream vacation. Not only is it a convenient way to fund ongoing expenses, it can also be more cost-effective than other types of loans and may offer tax advantages.*
Need a loan for a car, household item, a family vacation or just to clear up a few bills? One of our loan specialists will be happy to give you more details.
A Freeport State Bank VISA® Credit Card provides financial flexibility and convenience with personalized service, worldwide acceptance, no annual fee and 12.75% APR.
We offer three different bank clubs that make saving fun and beneficial for all ages.
A fun, smart way for kids to save money.
A club exclusively for adults 55 and over, with the following membership privileges:
Be ready for holiday gift giving. Each year, many of us underestimate the cost of those wonderful holiday gifts. Make it easy by opening a Freeport State Bank Christmas Savers Club Account. Simply make weekly or monthly deposits during the year, earn interest, and we’ll mail you a check for the balance in October – just in time for the holiday shopping season. For more information, call us today at 320-836-2126 or 1-800-252-9856.
