Save smart with Northway Bank.
Statement Savings is ideal for short-term goals or emergency funds. Our higher-earning money market account makes sense for your cash reserves. Northway Bank also offers a tax-free health savings account to complement high-deductible health plans.Statement Savings
Maintain a balance of at least $100 and you'll earn interest while avoiding the low service fee.
Money Market
Higher earnings for your cash reserves. Earn tiered interest on your balance of $1,000 or more.
Health Savings Account
Do you have a high-deductible health plan? You're eligible for an HSA account.
Statement Savings Features
- $10 minimum opening balance
- Earn interest on balances of $100 or greater1
- Unlimited transactions
- Monthly statement options
- eStatements
- Paper statement
- Combined statements
- Can serve as overdraft protection when linked to a checking account for Overdraft Sweep
1 Interest rate is variable and subject to change without notice. Fees may reduce the earnings on the account.
convenient ways to access your Statement Savings account
- Over the counter
- ATM card
- Free Online Banking, Mobile Banking, and Bill Pay
Statement Savings Fees
- Maintain a minimum daily collected balance of at least $100 to avoid the $2 monthly service fee, or
- Monthly service fee waived if primary account holder is younger than 18 or 62 or older.2
2Account holder must notify Northway Bank that he/she meets age requirement for monthly service fee waiver.
Money Market
A money market account is an ideal way to get greater earning power from your cash reserves. Enjoy the potential for a higher rate of return and easy access when you're ready to use your funds. TrueNorth Relationship Checking Account customers are eligible to exclusive access to our TrueNorth Relationship Money Market Account, which offers premium rates.
Money Market Benefits
- Convenience of check, debit card, online, and mobile access
- Anytime-access that comes with having a liquid account
- Stronger earnings potential that comes with tiered interest rates
- Peace of mind that comes from knowing your deposits are fully insured up to FDIC limits
Money Market Features
Money Market
- $1,000 minimum opening balance
- Earn interest on balances of $1,000 or more3
- Tiered interest rates offer the potential to earn a higher interest rate with a larger account balance
- $8 monthly fee waived if you maintain an average daily collected balance of $1,000
TrueNorth Relationship Money Market Account
- Must have TrueNorth Relationship checking account
- $1,000 minimum opening balance
- Earn interest on balances of $1,000 or more3
- Tiered interest rates offer the potential to earn a higher interest rate with a larger account balance
- $8 monthly fee waived if you maintain an average daily collected balance of $1,000
- Other terms and conditions apply, see TrueNorth Relationship Checking Account
3Interest rate is variable and subject to change without notice. Fees may reduce the earnings on the account.
convenient ways to access your Money Market account
- Unlimited transactions
Health Savings Account
A Health Savings Account (HSA) is a tax-exempt account that enables you to save pre-tax dollars for future healthcare expenses. Unlike flexible spending accounts, the funds are not subject to forfeiture if not used, which allows you to build up a savings account for future medical expenses. To be eligible, you must be enrolled in a high-deductible health plan. Withdrawals from a health savings account are tax-free as long as the funds are used to pay for qualifying medical expenses.
HSAs are:
- Tax-exempt (consult a tax advisor) savings accounts used to pay for qualified medical expenses
- Accessible through an HSA debit card, which makes payments easy
- Portable if you change jobs
- Used in conjunction with a high-deductible health plan
- A high-deductible plan is a health plan with an annual minimum deductible of $1,500 for single coverage or $3,000 for family coverage4
- A high-deductible plan must meet out-of-pocket limits: deductible, co-pays, and co-insurance not exceeding $7,500 for single coverage or $15,000 for family coverage4
- Unlike many medical reimbursement plans, unspent HSA savings carry over year-to-year - similar to an IRA
- Tiered interest rates offer the potential to earn a higher interest rate with a larger account balance5
4Amount subject to change.
5Interest rate is variable and subject to change without notice.
HSAs help you:
- Offset higher deductibles
- Save for current and future medical expenses
- Control your healthcare dollars
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