FDIC-Insured – Backed by the full faith and credit of the U.S. Government
FDIC-Insured – Backed by the full faith
and credit of the U.S. Government
and credit of the U.S. Government
Savings Accounts
Whatever you’re saving for, First Midwest Bank has an account to match. Our savings accounts are built for your needs to give you confidence, backed by branches throughout Missouri.
Accounts to Meet All Your Savings Needs
Saving isn't one-size-fits-all. Whether you're building an emergency fund, setting aside money for the holidays, teaching a child good money habits, or covering healthcare costs, First Midwest Bank offers savings accounts built around real goals.
Statement Savings
Best for customers who want a straightforward account for building savings over time, such as an emergency fund or a general savings cushion.
- Open with $100
- Minimum daily
balance requirement
of $1001 - Interest compounded
and credited quarterly - Up to 6 monthly transfers2 allowed ($1 fee for each transfer in excess of 9
per quarter) - $3 monthly service charge (waived if $100 minimum daily balance maintained)
Christmas Club Savings
Best for customers who want to set aside a little at a time and have it ready before the holidays and other special occasions.
- Open with $5
- Minimum daily balance requirement of $51
- Account funds plus any interest earned deposited or mailed via check by October 31 of each year
- No monthly
transfers allowed - No monthly service charge
Kids Club Savings
Best for parents and grandparents helping a child start saving. Help your child age 12 and under build good savings habits that will last a lifetime with our youth savings account.
- Open with $5
- No minimum daily
balance requirement - Interest compounded
and credited quarterly - Up to 6 monthly
transfers2 allowed - No monthly service charge
Health Savings Account (HSA)
Best for customers enrolled in a qualifying high-deductible health plan who want to set aside funds for medical costs, a tax-advantaged,3 interest-earning account to pay for qualified medical expenses.
- Open with $100
- Contributions are
tax-deductible up to
the annual IRS limit - Withdrawals to pay qualified medical expenses are tax-free
- Interest earned is tax-free if used for qualified medical expenses
- Must be enrolled in
a high-deductible health plan to participate - $1 monthly maintenance fee (waived if $100 minimum balance maintained)
How To Choose A Savings Account
Start with what you’re actually saving for.
- Building a general savings cushion or emergency fund? Statement Savings gives you flexible, everyday access.
- Do you want to teach your kids about financial literacy? Kids Club Savings is built to introduce young savers to banking.
- Saving specifically for the holidays? Christmas Club Savings keeps holiday funds separate and on track.
- Managing healthcare costs under a high-deductible health plan? An HSA offers tax-advantaged savings for qualified medical expenses.
Still not sure which fits? A local banker can help you compare based on your goals and how often you’ll need access to the funds.
Calculate Your Savings
Use our free online savings calculators to estimate how much or how long you need to save to reach your specific goals.Frequently Asked Questions
First Midwest Bank uses the daily balance method, applying a daily periodic rate to the collected balance in the account each day. Interest begins accruing on the business day of deposit (cash or check) and is compounded and credited quarterly (e.g., on Statement Savings and Kids Club accounts).
Yes. You can manage accounts through online and mobile banking to monitor balances, transfer funds between First Midwest accounts and outside banks, deposit checks via mobile capture, and locate surcharge-free ATMs.
Accounts such as Statement Savings and Kids Club Savings permit up to 6 monthly transfers (including online banking transfers, phone transfers, preauthorized drafts, and third-party transfers). Statement Savings charges a $1 fee per transfer exceeding 9 per quarter. In-person withdrawals do not count toward this transfer limit. Christmas Club accounts do not allow monthly transfers. The bank also reserves the right to require 7 days’ written notice prior to withdrawals under Regulation D terms.
Savings accounts are designed for regular deposits and emergency cushions, offering interest with liquid access (subject to standard monthly transfer limits). Certificates of Deposit (CDs) are designed to secure for a set term length to earn a fixed return. Money market accounts generally function between checking and savings, often pairing tiered interest rates with check-writing capabilities.
A Statement Savings account can be opened online. For other accounts, contact us or visit a branch to open your account today.
Mobile Banking
Manage your money at home, at work, or on-the-go with our convenient, time-saving digital banking tools. Our mobile app offers the same great features you’ll find in online banking, and you can also:
- Securely scan and deposit checks using your smartphone
- Transfer funds between your First Midwest accounts and other banks
- Quickly find a surcharge-free ATM near you
Budgeting Tools
MoneyMap, First Midwest’s free personal finance tool, can help you create a personalized budget, monitor your spending trends and track your debt repayment progress.
Get Started
Recent News & Articles
Visit our blog for the latest news on our community service activities, plus useful articles to help you boost your financial know-how.
Read MoreExplore the Possibilities
Checking Accounts
Simplify your finances with banking designed to fit your life.
Certificates of Deposit
Save for the future with a term that fits your needs.
Greenlight®
The Greenlight® app and debit card let kids take control of their finances, guided by you.
