Savings Accounts

Passbook Savings Account

This account is a great way to save for the future, for a special purchase or for that time when the need for cash arises.

  • $100 minimum opening balance
  • Monthly fee of $1 if balance falls below $100
  • Must maintain a minimum balance of $10.00 or the account may be closed.
  • Interest compounds and pays quarterly.
  • Easy access to cash through SHAZAM ATM Card at ATM's (certain qualifications apply with SHAZAMChek).
  • Free online banking
  • Limited to six transfers per monthly statement cycle by internet, preauthorized or automatic transfer.
  • Withdrawal fee of $1 for each withdrawal in excess of 5 during a month if balance is below $500
  • FDIC insured.

Christmas Club Savings Account

This savings plan is designed to assist you in saving for the holidays on a weekly basis.

  • Choose a weekly deposit plan ranging from as low as $3 per week up to $20 per week. This club anticipates 50 payments.
  • Interest is compounded and credited upon maturity. (If account is closed before interest is credited, you will not receive accrued interest).
  • This club begins in October and ends the next October.
  • FDIC insured.

Money Market Account

This account is for those who seek to earn a higher rate on their savings and remain flexible, while maintaining a minimum balance.

  • $2,500 minimum opening balance.
  • There will be a $10.00 per month fee if the minimum balance falls below $1,000.00 any time during the month.
  • No charge for check images with monthly statements.
  • Interest compounds and pays monthly.
  • Easy access to cash through SHAZAM ATM Card at ATM's (certain qualifications apply with SHAZAMChek).
  • 24 hour account access through GNBonline.
  • Minimum amount of withdrawals and deposits are $100 per transaction
  • Limited to six transfers per statement cycle by internet, preauthorized or automatic transfer.
  • FDIC insured.

Certificate of Deposit Account

Check out the wide range of flexible investment CD options we offer. An investment in a CD is a great way to save for the future without assuming risk.

  • $1,000 minimum opening balance except for special offerings.
  • Flexible terms of 91 days to 5 years.
  • Interest paid one of the following ways:
    • Compounded (interest added to the CD).
    • Paid by check.
    • Deposited directly to a checking or savings account.
  • Automatically renewable feature gives you the flexibility to renew at the current annual percentage yield while saving you a trip to the bank.
  • You will receive a Maturity Notice approximately 10 days prior to the maturity date of the certificate allowing you sufficient time to think about any changes you might wish to make to your investment. Due to new laws in 2018 the State of Illinois requires Granville National Bank to have you provide acceptance on every certificate of deposit automatic renewal. A renewal notice will also be sent on the maturity date of the certificate.
  • You have a 10 day grace period following the maturity date to make any desired changes. Interest will be paid for the first seven days of the 10 day grace period.
  • Penalty for early withdrawal.
  • FDIC Insured.

Individual Retirement Accounts (IRA)

The Granville National Bank believes that saving for retirement is one of the most important financial tasks you will ever undertake. The right savings plan provides a secure financial future. We offer IRA, SEP, KEOGH, SIMPLE and ROTH accounts.

Traditional IRA

  • No fees
  • Earned income required to be eligible to deposit (income limitations).
  • Tax deferred interest until withdrawn.
  • Contributions cannot be made for the year you attain 70 ½ years of age.
  • Variable and fixed investment options available.
  • Distributions are penalty free if taken after attaining age 59 ½.
  • Mandatory distributions upon attaining 70 ½ years of age.
  • FDIC insured.

SEP-IRA (Self Employed Pension Plan)

  • No fees
  • Earned income required to be eligible to deposit (income limitations).
  • Tax deferred interest until withdrawn
  • Contributions are tax deductible.
  • Contributions can be made after attaining age 70 ½ if still have earned income.
  • Variable and Fixed investment options available.
  • Distributions are penalty free if taken after attaining age 59 ½.
  • Mandatory distributions upon attaining 70 ½ years of age.
  • FDIC insured.

ROTH IRA

  • No fees.
  • Earned income required to be eligible to deposit (income limitations).
  • Tax free interest after a five year holding requirement and:
  • 1. After you have attained 59 ½

    2. After you have become disabled

    3. First-time home purchase (limitation)

    4. To your beneficiary after your death.

  • Distributions are not mandatory upon attaining 70 ½ years of age.
  • Contributions are not tax deductible.
  • Contributions can be made after attaining age 70 ½ if still have earned income.
  • Variable and Fixed investment options available.
  • FDIC insured.

Simple IRA (Savings Incentive Match Plan for Employees of Small Employers)

  • No fees.
  • Must have earned income to be eligible to deposit (income limitations).
  • Tax deferred interest until withdrawn.
  • Contributions can be made after attaining age 70 ½ if still have earned income.
  • Employer sponsored pension plan with 100 or fewer employees.
  • Employees deduct a percentage from each paycheck to be put into a SIMPLE IRA for themselves.
  • Variable and Fixed investment options available.
  • Mandatory distributions upon attaining 70 ½ years of age.
  • FDIC insured.
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