1st Addition Money Market
Regular Money Market
Passbook Savings
Health Savings Account (HSA) IRA
Christmas Club Savings
Certificates of Deposit
IRA – Individual Retirement Arrangement

1st Addition Money Market

This is our premium Money Market Account. The 1st Addition Money Market can be opened with a $10,000.00 deposit, pays a competitive rate of interest (click here for current interest rates) and keeps your money fully liquid. The interest rate is reviewed and may be adjusted weekly with a monthly deposit of interest directly into your account. Maintain a minimum daily balance of $10,000.00 or more and the monthly service charge of $10.00, will be waived. If the account balance falls below $10,000.00 the interest rate will drop and the monthly service charge will be drawn from your account on the last business day of the month. Please remember the following Money Market Limitations: The minimum amount you may withdraw at any time is $500.00. We will provide a monthly statement including images of your checks and deposits for your convenience. Please review your statement and balance your account monthly. Maintain a $2,000.00 balance in any Headwaters State Bank deposit account and receive one box of complimentary money market checks when you order your checks directly from us at the Bank.

Regular Money Market

The Regular Money Market Account can be opened with $2,500.00, pays a competitive rate of interest, which is credited monthly (click here for current rates) and can provide easier access to your money than a passbook savings. Maintain a minimum daily balance of $1,000.00 or more and the monthly service charge of $10.00, will be waived. If the account falls below the minimum daily balance requirement, your interest rate will drop and the monthly service charge will be drawn from your account on the last business day of the month. We will provide a monthly statement including images of your checks and deposits for your convenience. Please review your statement and balance your account monthly. Maintain a $2,000.00 balance in any Headwaters State Bank deposit account and receive one box of complimentary money market checks when you order your checks directly from us at the Bank. Please remember the following Money Market Limitations: The minimum amount you may withdraw at any time is $500.00.

return to top

passbook savings

Passbook Savings is a great way to begin saving for a special purchase or a rainy day. The Passbook Savings can be opened with a $50.00 deposit, has no monthly service charge and pays a competitive rate of interest however anytime it is below the $50.00 minimum balance requirement the account will earn no interest. (click here for current interest rates). Interest will compound quarterly and will be credited to your account on a quarterly basis. As an added incentive for our young savers, Headwaters State Bank offers a complimentary piggy bank for any new Passbook Savings account opened for a child 12 years or younger. Accounts opened for minor children may be established as WUTMA (Wisconsin Uniform Transfer to Minor Account) or as joint accounts with their parent(s) or guardian(s). If a savings account is the only account you maintain at Headwaters State Bank you will be charged a $5 check cashing fee if the balance in the account is less than $200 at the time of check presentment.

Note: Headwaters State Bank will not establish an individual account for a minor child.

Health Savings Account (HSA)

Given the high cost of health care, many people with a high-deductible health plan (HDHP) can establish a Health Savings Account (HSA) to pay for qualified medical expenses.

To determine if you are eligible, read IRS.gov Publication 969

For a list of qualified medical expenses, read IRS.gov Publication 502

An HSA is an account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs. HSA funds generally may not be used to pay premiums.

Our HSA will maximize your health care purchasing power and savings potential.

No monthly service charges
Statement provided monthly
Debit Cards and/or checks can be used to pay expenses
Minimum balance to open an account is $1.00

Please request further information from an employee concerning the rates, fees and terms applicable to Health Savings Accounts.

Click here to learn more

christmas club savings

Make Christmas shopping a pleasure each year by opening a Christmas Club Savings. Setting a goal and saving a set amount each week will put you ahead of the game when it comes time to start your Christmas season.

New Club accounts may be opened between November 1, 2020 and March 31, 2021.
Interest bearing account: Interest rate currently 1.00% with an Annual Percentage Yield (APY) of 1.00%
Interest is credited annually
A mandatory distribution will occur on the third Friday of October of each calendar year by check or direct deposit
Make deposits of a set amount in person or transfer funds automatically from another HSB account
Open with as little as $1.00
Deposit up to $3,000.00 each year
One Christmas Club Savings per tax identification number

You can open your account with as little as $1.00 and make deposits of any amount up to $3,000.00. The current Interest rate for this account is 1.00% with an Annual Percentage Yield (APY) of 1.00%. Withdrawals are prohibited. If you close the account before interest is credited, you will not receive the accrued interest.

return to top

certificates of deposit

Time Deposits, also known as, Certificates of Deposit or CDs, are a great way to help your money grow in a safe reliable way. The Certificate of Deposit can be opened with a $1,000.00 deposit and is a termed contract between Headwaters State Bank and the depositor. The CD establishes a fixed rate of return on the investment provided the contract is honored until the maturity date. We offer competitive rates and guaranteed returns on your investments. Ask about automatic renewal for your convenience. Interest earned on your CD can be reinvested to meet the Annual Percentage Yield (APY) or you can receive a check or direct deposit of your interest into your Headwaters State Bank deposit account. Early withdrawal penalty may apply for Certificates of Deposit closed prior to the maturity date on the CD contract and penalties may reduce earnings. CD terms range from 3 months to 5 years. (click here for current interest rates and term options.)

ira

Plan for education or retirement using Headwaters State Bank’s Individual Retirement (IRA) and Coverdell Education (CESA) options. Headwaters State Bank offers various IRA & CESA products with various terms to meet your needs.

Traditional vs. Roth (click here to compare)

Roth IRA (click here to compare)

Coverdell Education Account (click here to learn more)

SEP-IRA Plan - A SEP is a Simplified Employee Pension plan. A SEP provides employers a simplified method to make contributions toward their employee’s retirement and their own retirement.

SIMPLE IRA PLAN – A simple IRA plan is a Savings Incentive Match Plan for Employees. It gives small employers a simplified method to make contributions toward their employee’s retirement and their own retirement. Under a Simple IRA plan, employees may choose to make salary reduction contributions and the employer makes matching or non-elective contributions. All contributions are made directly to an IRA set up for each employee (A SIMPLE IRA).

Please consult your Tax Advisor to determine your eligibility to contribute to an IRA prior to opening an account.

Our customer service staff can assist you with Rollovers from 401K or other retirement plans. We can also help you transfer your existing IRA from another Financial Institution or re-characterize your IRA with just a few easy steps.

Click here for rates and IRA account options.

return to top








	1st Addition Money Market Regular Money Market Passbook Savings Health Savings Account (HSA) IRA Christmas Club Savings Certificates of Deposit IRA – Individual Retirement Arrangement 1st Addition Money Market This is our premium Money Market Account. The 1st Addition Money Market can be opened with a $10,000.00 deposit, pays a competitive rate of interest (click here for current interest rates) and keeps your money fully liquid. The interest rate is reviewed and may be adjusted weekly with a monthly deposit of interest directly into your account. Maintain a minimum daily balance of $10,000.00 or more and the monthly service charge of $10.00, will be waived. If the account balance falls below $10,000.00 the interest rate will drop and the monthly service charge will be drawn from your account on the last business day of the month. Please remember the following Money Market Limitations: The minimum amount you may withdraw at any time is $500.00. We will provide a monthly statement including images of your checks and deposits for your convenience. Please review your statement and balance your account monthly. Maintain a $2,000.00 balance in any Headwaters State Bank deposit account and receive one box of complimentary money market checks when you order your checks directly from us at the Bank. Regular Money Market The Regular Money Market Account can be opened with $2,500.00, pays a competitive rate of interest, which is credited monthly (click here for current rates) and can provide easier access to your money than a passbook savings. Maintain a minimum daily balance of $1,000.00 or more and the monthly service charge of $10.00, will be waived. If the account falls below the minimum daily balance requirement, your interest rate will drop and the monthly service charge will be drawn from your account on the last business day of the month. We will provide a monthly statement including images of your checks and deposits for your convenience. Please review your statement and balance your account monthly. Maintain a $2,000.00 balance in any Headwaters State Bank deposit account and receive one box of complimentary money market checks when you order your checks directly from us at the Bank. Please remember the following Money Market Limitations: The minimum amount you may withdraw at any time is $500.00. return to top passbook savings Passbook Savings is a great way to begin saving for a special purchase or a rainy day. The Passbook Savings can be opened with a $50.00 deposit, has no monthly service charge and pays a competitive rate of interest however anytime it is below the $50.00 minimum balance requirement the account will earn no interest. (click here for current interest rates). Interest will compound quarterly and will be credited to your account on a quarterly basis. As an added incentive for our young savers, Headwaters State Bank offers a complimentary piggy bank for any new Passbook Savings account opened for a child 12 years or younger. Accounts opened for minor children may be established as WUTMA (Wisconsin Uniform Transfer to Minor Account) or as joint accounts with their parent(s) or guardian(s). If a savings account is the only account you maintain at Headwaters State Bank you will be charged a $5 check cashing fee if the balance in the account is less than $200 at the time of check presentment. Note: Headwaters State Bank will not establish an individual account for a minor child. Health Savings Account (HSA) Given the high cost of health care, many people with a high-deductible health plan (HDHP) can establish a Health Savings Account (HSA) to pay for qualified medical expenses. To determine if you are eligible, read IRS.gov Publication 969 For a list of qualified medical expenses, read IRS.gov Publication 502 An HSA is an account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs. HSA funds generally may not be used to pay premiums. Our HSA will maximize your health care purchasing power and savings potential. No monthly service charges Statement provided monthly Debit Cards and/or checks can be used to pay expenses Minimum balance to open an account is $1.00 Please request further information from an employee concerning the rates, fees and terms applicable to Health Savings Accounts. Click here to learn more christmas club savings Make Christmas shopping a pleasure each year by opening a Christmas Club Savings. Setting a goal and saving a set amount each week will put you ahead of the game when it comes time to start your Christmas season. New Club accounts may be opened between November 1, 2020 and March 31, 2021. Interest bearing account: Interest rate currently 1.00% with an Annual Percentage Yield (APY) of 1.00% Interest is credited annually A mandatory distribution will occur on the third Friday of October of each calendar year by check or direct deposit Make deposits of a set amount in person or transfer funds automatically from another HSB account Open with as little as $1.00 Deposit up to $3,000.00 each year One Christmas Club Savings per tax identification number You can open your account with as little as $1.00 and make deposits of any amount up to $3,000.00. The current Interest rate for this account is 1.00% with an Annual Percentage Yield (APY) of 1.00%. Withdrawals are prohibited. If you close the account before interest is credited, you will not receive the accrued interest. return to top certificates of deposit Time Deposits, also known as, Certificates of Deposit or CDs, are a great way to help your money grow in a safe reliable way. The Certificate of Deposit can be opened with a $1,000.00 deposit and is a termed contract between Headwaters State Bank and the depositor. The CD establishes a fixed rate of return on the investment provided the contract is honored until the maturity date. We offer competitive rates and guaranteed returns on your investments. Ask about automatic renewal for your convenience. Interest earned on your CD can be reinvested to meet the Annual Percentage Yield (APY) or you can receive a check or direct deposit of your interest into your Headwaters State Bank deposit account. Early withdrawal penalty may apply for Certificates of Deposit closed prior to the maturity date on the CD contract and penalties may reduce earnings. CD terms range from 3 months to 5 years. (click here for current interest rates and term options.) ira Plan for education or retirement using Headwaters State Bank’s Individual Retirement (IRA) and Coverdell Education (CESA) options. Headwaters State Bank offers various IRA & CESA products with various terms to meet your needs. Traditional vs. Roth (click here to compare) Roth IRA (click here to compare) Coverdell Education Account (click here to learn more) SEP-IRA Plan - A SEP is a Simplified Employee Pension plan. A SEP provides employers a simplified method to make contributions toward their employee’s retirement and their own retirement. SIMPLE IRA PLAN – A simple IRA plan is a Savings Incentive Match Plan for Employees. It gives small employers a simplified method to make contributions toward their employee’s retirement and their own retirement. Under a Simple IRA plan, employees may choose to make salary reduction contributions and the employer makes matching or non-elective contributions. All contributions are made directly to an IRA set up for each employee (A SIMPLE IRA). Please consult your Tax Advisor to determine your eligibility to contribute to an IRA prior to opening an account. Our customer service staff can assist you with Rollovers from 401K or other retirement plans. We can also help you transfer your existing IRA from another Financial Institution or re-characterize your IRA with just a few easy steps. Click here for rates and IRA account options. return to top