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Personal Banking
We have many products to meet all of your personal banking needs such as free checking accounts, Money Markets, IRAs, Certificates of Deposit, installment loans, real estate loans and WebBanker. Come in and talk with one of our customer service representatives for more information.
Grand Marais State Bank provides:
• 24 hour service either by phone or on the Internet
• 9 ATMs, Surcharge Free
Some of the accounts that we offer are listed below:
Free Checking
• No Monthly Service Charge
• No Minimum Balance
• Free Cash Card
Superior Gold Checking
• Age 55 and over
• No Monthly Service Charge
• No Minimum Balance
• Many services provided at No Charge such as photocopying, notary services and Cashier’s Checks.
• First order of safety checks at no charge
• Occasional day outings (ask for details)
Interest Bearing Checking Accounts
• With Variable Interest Rate
• Personal NOW Checking
• Superior Gold NOW Checking
• Service Charge applies if Average Daily Balance is below $1,500.00
Statement Savings
• No minimum balance
• If average daily balance is below $200.00, a $2.00 per month maintenance fee applies
• Interest Compounds quarterly
Mighty Moose Savers Club
• Children ages 12 and under
• Initial deposit of $25.00 to open account
• Each additional deposit of $5.00 earns a point
• Save points and win prizes
• Club parties held seasonally
• Interest compounds quarterly
Money Market Savings Account
• $2,500.00 deposit required to open account
• $5.00 per month if average daily balance falls below $2,500.00
• Interest compounded monthly
Certificates of Deposit
• 90 Day Investor CD (3 Months) Rate changes weekly.
Minimum balance of $10,000
• 182 DAYS (6 MONTHS)
Minimum Balances of $1,000.00, $5,000.00 or $10,000.00.
Rates vary with balance.
1 YEAR - Minimum Balance of $1,000.00
2 YEAR - Minimum Balance of $1,000.00
3 YEAR - Minimum Balance of $2,500.00
5 YEAR - Minimum Balance of $2,500.00
IRA Accounts
Traditional IRA Accounts
This account allows you to defer taxes on your earnings. Also, contributions may be tax deductible for the tax year in which they are made. The IRA deposit limits have increased to $4,000.00 per individual/year and $4,500.00 per year for individuals 50 years old and over. Contribution amounts can vary depending on your income level.
Roth IRA Accounts
This account features tax-free withdrawals after reaching age 59 ? and maintaining your ROTH for 5 years. When you take a distribution at that time, you pay no taxes on any of the earnings that your money has accumulated.
Contributions to a Roth IRA are not tax deductible.
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Member FDIC each
depositor insured to $100,000
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An Equal Housing Lender
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