Whether you are interested in saving for retirement or saving for next year, MidAmerica National Bank has a variety of options to meet your changing needs. From Savings accounts to CD's, our Account Service Representatives will work to find the best way to meet your savings goals. You can also visit one of our MidAmerica Financial Services representatives to explore their broad range of investment products and services.

Savings Accounts
Insured Money Market Accounts
Certificates of Deposit
Retirement Accounts
Christmas Club Account
IRA FAQ's
Savings Bonds

Savings Accounts
Savings accounts are the most flexible way to save. A $100 minimum deposit opens an account (excluding minors), and you can withdraw or deposit money in any amount, any time. Your savings earn daily interest that is compounded and paid quarterly.

Insured Money Market Accounts
IMMA's are designed for customers who have a large amount of money to invest, yet need ready access to their funds. These accounts typically earn a higher rate than a regular savings or N.O.W. account. A minimum balance of $2,500 is required to earn the Money Market rate (which is subject to change); six withdrawals are permitted per month (three by check, three by transfer).

Certificates of Deposit
CD's are available in many different terms (varying maturity from 90 days to 5 years), with varying interest rates. Interest is paid monthly, quarterly, semi-annually or annually and may also be left to compound to maturity. Certificates may be automatically renewed.

Retirement Accounts
Retirement accounts help you plan for your retirement. Through the tax advantages offered by an IRA, we can help you get immediate tax savings while your contributions earn interest. Both principal and interest will be tax-deferred until retirement. That's a great way to save! Even if you are already enrolled in a company pension, profit-sharing plan or self-employed Keogh plan, you can still take advantage of our tax-deferred IRA. A minimum deposit of $100 is required. You may also be eligible to deduct up to $3,000 in individual contributions from your gross income. Contribution limits are established at $6,000 if you and your spouse are both employed.

Christmas Club Account
Get a head start on next year's Christmas shopping with our Christmas Club Account! Simply make deposits in increments of $5, $10, or $20 over a time period of 50 weeks. You have the flexibility to make your deposits weekly, monthly, or even in one lump sum. If your final deposit amount reflects the sum of 49 deposits, we’ll make the 50th deposit for you! In November, a check will be mailed to you for the balance of your account. It’s a great way to plan ahead and avoid falling into credit card debt. This account may be opened between November 1st and March 1st.

ROTH IRA FAQ's
What Is a Roth IRA?
Am I Eligible for a Roth IRA?
How Much Can I Contribute?
Do I Pay Taxes on My Earnings?
What is a Qualified Distribution?
Does the 10 Percent IRS Premature Distribution Apply If I Withdraw My Money Before Age 59 1/2?
What If I Need Access to My Money Now?
When Do I Have to Start Taking Distributions from My Roth IRA?
What Happens in the Event of My Death?
When Is the Contribution Deadline for Funding a Roth IRA?
How Do I Open a Roth IRA?

Q. What Is a Roth IRA?
A. A Roth IRA is a nondeductible account that features tax-free withdrawals for certain distribution reasons after a five-year holding period.

Q. Am I Eligible for a Roth IRA?
A. Basically, there are two requirements for eligibility to contribute to a Roth IRA: you must have earned income (or your spouse must have earned income) and your modified adjusted gross income (MAGI) cannot exceed certain limits (see listing below).

Q. How Much Can I Contribute?
A. You may contribute any amount up to 100 percent of your earned income or $5,000 ($6,000 if you are 50 or older), whichever is less, as long as your MAGI is within prescribed limits. It's important to note that $5,000 is the aggregate amount that you can contribute to any Roth and/or traditional IRA in a given year. For example, if you contribute $500 to a traditional IRA, you can only contribute $4,500 to a Roth IRA for that year.

Q. Do I Pay Taxes on My Earnings?
A. NO (provided you take the earnings as part of a qualified distribution). That's the best part of the Roth IRA. Unlike a traditional IRA, you cannot take a tax deduction for any of the contributions that you make to a Roth IRA. However, when you're ready to take a withdrawal, you pay no taxes on any of the earnings that your money has generated.

Q. What is a Qualified Distribution?
A. In order for earnings to be tax free, you must first meet a five-year holding period for your Roth IRA. This period begins with the tax year for which the first contribution is made. After that, any earnings you withdraw for a qualified distribution reason are tax free and IRS penalty free. Qualified distributions include:

• Distributions made on or after the date on which you attain age 59 1/2,
• Distributions made to your beneficiary (or your estate) upon your death,
• Distributions attributable to your being disabled, and
• Qualified first-time home buyer distributions (up to $10,000).

Q. Does the 10 Percent IRS Premature Distribution Apply If I Withdraw My Money Before Age 59 1/2?
A. The 10 percent IRS penalty does not apply to earnings you withdraw when you take any of the qualified distributions listed above. In addition, the 10 percent penalty is also waived for certain other distribution reasons. But, for these distributions, taxes on any earnings will apply. Distributions that are subject to taxes (on any earnings withdrawn) but no penalty include:

• Substantially equal periodic payments,
• Eligible medical expense in excess of 7.5 percent of your adjusted gross income (AGI),
• Medical insurance premiums for eligible unemployed individuals,
• Qualified education expenses, and distributions taken within the first five years for any of these reasons: age 591/2, death, disability, or first-time home purchase.
• Distributions taken for any reason other than a qualified reason or one of the reasons listed here are subject to both taxes and a 10 percent IRS penalty on any earnings withdrawn.

Q. What If I Need Access to My Money Now?
A. A helpful feature of the ROTH IRA is that, non-qualified distributions, original contribution amounts are returned first. Contributions (as opposed to earnings) are not subject to taxation or the 10 percent IRS premature-distribution penalty when distributed. In other words, you can always get back your principal tax free and IRS penalty free for any reasons.

Q. When Do I Have to Start Taking Distributions from My Roth IRA?
A. You never have to take distributions from your Roth IRA. That's another benefit or the Roth IRA over traditional IRAs. Assets held in a Roth IRA are not subject to age 701/2 required minimum distributions.

Q. What Happens in the Event of My Death?
A. Your named beneficiary (ies) will receive the entire proceeds of your Roth IRA. The manner in which your beneficiary (ies) receives the funds is determined by the election made by your beneficiary (ies) within the guidelines of the law.

Q. When Is the Contribution Deadline for Funding a Roth IRA?
A. Roth IRAs for the taxable year can be opened and funded any time between January 1 and the date your tax return is due for the year, excluding extensions. This is normally April 15 of the following year.

Q. How Do I Open a Roth IRA?
A. Simply see any of our IRA Representatives. We will explain the nature of these accounts in more detail and help you complete the simple forms necessary to establish your Roth IRA.

Savings Bonds
For information on current interest rates, lost bonds, and other Savings Bonds issues, please see www.savingsbonds.gov.

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