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Midwest Bank of Western Illinois

Personal Banking

Prospective depositors and /or borrowers must be of legal age to apply for a loan or deposit.

 

Personal Savings Account

Designed for customers interested in saving for a rainy day.  You can earn a competitive rate of interest on this account and add to or withdraw from it whenever the need arises.

  • Rate Information: This account is an interest bearing account.  The interest rate and annual percentage yield may change.  At our discretion, we may change the interest rate on the account daily.  Interest begins to accrue on the business day you deposit noncash items (for example, checks).  Interest will be compounded quarterly and will be credited to the account quarterly.
  • Limitations: You must deposit $50.00 to open this account.  You may make six (6) transfers from your account each four (4) weeks or similar period. Transfers and withdrawals made in person, by messenger, by mail or at an ATM are unlimited.
  • Account Fees: $2.00 monthly service charge if balance goes below $50.00 during a statement cycle.

 

Christmas Club and Vacation Club Accounts

Designed for customers interested in saving for Christmas or a Vacation.  If you’re always caught short of cash at the holidays or vacation time, let us periodically debit your existing Midwest Bank deposit account for whatever amount you choose, whenever you choose.

  • Rate Information: This account is an interest bearing account.  The interest rate and annual percentage yield may change.  At our discretion, we may change the interest rate on the account daily.  Interest begins to accrue on the business day you deposit noncash items (for example, checks).  Interest will not be compounded on the account.  Interest will be credited to the account at maturity.  At the end of the club account period, the funds in the account will be deposited into your Midwest Bank of Western Illinois account of choice.
  • Limitation: You must deposit $10.00 to open this account.  You may make six (6) transfers from your account each four (4) weeks or similar period.  Transfers and withdrawals made in person, by messenger, by mail or at an ATM are unlimited.
  • Account Fees: No monthly service charges

 

Dollar the Dinosaur Savings Account

Designed for children newborn through 12 years of age.  Children earn interest & prizes as their deposits grow.

  • Rate Information: This account is an interest bearing account.   The interest rate and annual percentage yield may change.  At our discretion, we may change the interest rate on the account daily.  Interest begins to accrue on the business day you deposit noncash items (for example, checks).  Interest will be compounded quarterly and will be credited to the account quarterly.
  • Limitations: You must deposit $5.00 to open this account.  You may make six (6) transfers from your account each four (4) weeks or similar period. Transfers and withdrawals made in person, by messenger, or by mail are unlimited.
  • Account Fees: No monthly service charge.
  • Bonuses: You will receive a maximum of one $50.00 savings bond for the life of the account as a bonus when your balance reaches $500.00.

 

ATM Savings

Designed for customers who want 24-hour ATM access to their savings account.

  • Rate Information: This account is an interest bearing account.  The interest rate and annual percentage yield may change.  At our discretion, we may change the interest rate on the account daily.  Interest begins to accrue on the business day you deposit noncash items (for example, checks).  Interest will be compounded quarterly and will be credited to the account quarterly.
  • Limitations: You must deposit $100.00 to open this account.  You may make six (6) transfers from your account each four (4) weeks or similar period.  Transfers and withdrawals made in person, by messenger, by mail or at an ATM are unlimited.
  • Account Fees: $2.00 fee if daily balance falls below $100.00 at any time during the statement cycle.

 

Relationship Savings

You can earn a competitive rate of interest on this account and add to or withdraw from it whenever the need arises.

  • Rate Information: This Account is an interest bearing account.  The interest rate and annual percentage yield may change.  At our discretion, we may change the interest rate on the account.   The interest rate is variable, based on the number of related types of accounts an individual customer has with the bank.  The base rate is .15%; the rate will increase for the first account of each of the related account types you have with us, as follows: any checking account, .25%; a loan, .25%; a certificate of deposit, .10%; Individual Retirement Account .15%, a MBWI Visa SHAZAM ChekCard, .15%; a MBWI Credit Card, .15%; a safe deposit box, .10%, with a maximum interest rate of .90%.  The interest rate and annual percentage yield will be adjusted within 3 business days of the date related accounts are added or closed.  The interest rate will never be less than .15%.  Interest begins to accrue on the business day you deposit noncash items (for example, checks).  Interest will be compounded quarterly and will be credited to the account quarterly. 
  • Limitations: You must deposit $1,000.00 to open this account.  You may make six (6) transfers from your account each four (4) weeks or similar period, if by preauthorized or automatic transfer, or telephone (including data transmission agreement) order or instruction. Transfers and withdrawals made in person, by messenger, by mail or at an ATM are unlimited.
  • Account Fees: No minimum balance fee when you maintain a $1,000.00 daily balance.  A $5.00 minimum balance fee will be imposed every four (4) weeks or similar period if the balance falls below $1,000.00 any day of the four (4) week or similar period.
   
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