Simple Savings Accounts
Low fees. Great benefits.
What is a Simple Savings Account?
Our Simple Savings Account is a basic savings account that combines competitive interest with low fees, making it ideal for anyone looking to grow their nest egg—from experienced savers setting aside rainy-day funds to young savers opening their first bank account.
How does a Simple Savings Account work?
Initial deposits for your Simple Savings Account are low—only $25—and when you maintain a balance of $100, we’ll waive the $1 monthly fee. Each month you’ll earn interest on your balance, allowing your savings to grow faster.
With up to 6 free withdrawals or transfers each month ($2 per transaction after 6), this account is perfect for individuals looking for a safe and accessible place to grow their nest egg.
What are the benefits of a Simple Savings Account?
- No monthly service fee for balances over $100 (only $1 for balances under $100)
- Up to 6 free withdrawals or transfers each month with a $2 fee after that
- Earn competitive interest on your balance
- Free debit card for ATM withdrawals
- Free online banking, eStatements, bill pay, and mobile banking with mobile deposit
- Easy transfers from your Field & Main Checking Account to help you grow your savings faster
- Never worry about overdrafts: link your Simple Savings Account to your Field & Main Checking Account to cover up to six overdrafts
- Set up automatic transfers from your checking account to fund and keep your savings plan on track
How do I qualify for a Simple Savings Account
- Be at least 18 years old
- Provide a $25 initial deposit (cash or check) when opening an account
- Provide your Social Security Number, address, phone number and a valid, state-issued ID
Open a Simple Savings Account
Setting up your new personal savings account is simple and hassle-free. Send us an email, give us a call at (888) 831-1500 or visit one of our banking centers in Henderson, Lexington, Cynthiana, Kentucky or Evansville, Indiana to get started today!
Explore Our Other Savings Account Options:
Money Market Account – A high-yield account for the seasoned saver.
Holiday Helper Account – Plan ahead with an interest-bearing holiday savings account.
Certificate of Deposit – Earn more with this high-yield savings tool.
Savings Accounts FAQs
No matter what your goals are, saving should be simple. Below are some answers to the most common questions we receive about savings accounts.
Do savings accounts cost money, or, are there fees?
To avoid any fees, you simply need to keep a balance of at least $100 in your account and be sure to not make withdrawals more than six times per month. A maintenance fee of $1.00 will be imposed every month if the balance on the account falls below the $100.00 minimum. Savings accounts must have fewer than 6 withdrawals or transfers a month. An excess withdrawal fee of $2.00 will be charged for each withdrawal in excess of 6 per month.
Do savings accounts offer check writing capabilities?
Our Money Market accounts offer check writing capabilities, but our Simple Savings and Holiday Helper do not.
Do you offer a savings account for kids, or a young savers account?
While we don’t have a specific young savers account, our Simple Savings Account is a great option for kids who are savvy savers! You can open an account with just $25. After the first month, a $100 minimum balance is required. If the balance falls below $100, a $1.00 maintenance fee will be charged each month.
How many withdrawals are allowed per month?
You are allowed 6 withdrawals per month from your savings account. After 6 withdrawals, there is a $2 fee per withdrawal. The 6-withdrawal limit would include any automatic payments that are set up, debit card transactions, and automatic funds transfers or sweeps into another account.
Will the interest rate change on my savings account? What is the rate?
Our savings account interest rates are subject to change at any time. For the most up-to-date rates, please contact one of our Relationship Bankers directly.
How is interest paid?
Interest will be compounded monthly and credited to your account monthly.
Can I get a debit card with a savings account?
You can link a debit card to your Simple Savings or Money Market accounts, which allows you to withdraw funds from an ATM. Keep in mind that each time you use your debit card, it counts towards the six-withdrawal limit for both savings and Money Market accounts.
Can I set this account up to cover my checking account in case of an overdraft?
Yes, there is a simple agreement we will need you to sign to get this set up. Keep in mind however, that any time you use your debit card it counts toward the 6-withdrawal limit for savings and Money Market accounts.
Start Saving Simply
Field & Main Bank® was designed to feel different. Because of that, setting up your savings account is effortless and streamlined. So give us a call at 1-888-831-1500, come in and see us, or contact us!
