Regular Savings Account

We make it easy to save! With a minimum opening deposit of $50, this account makes it easy to get started and build your savings!

• No monthly service charge
• Interest compounded and credited quarterly
• Direct deposit into account at no charge
• Set up automatic payments or transfers from account
• Make as many deposits or withdrawals as you would like

Money Market Account

Our tiered money market account offers steady returns and easy access to your money at competitive rates.

• Three rate tiers – interest is paid on the daily balance so as your balance grows, so does your rate of earnings
• $100 minimum balance to open
• No monthly fee if you maintain a daily balance of $1000
  • $6.00 fee if you drop below $1,000
• Interest is compounded and credited monthly

Health Savings Account

A Health Savings Account (HSA) is an account specifically designed for those with high deductible health plans. An HSA allows you to save funds to pay current or future medical expenses while earning interest on your account balance.

• Build up a balance to cover a wide range of qualified medical expenses
• Access to money is as easy as writing a check
• Money not used can be carried over to the following year
• Contributions are tax-free* and funds can be withdrawn at any time
• See your tax advisor or accountant for potential contribution deductibility

Product Details

• $100 minimum balance to open
• No monthly or annual service fee
• Interest is compounded and credited monthly – contact a banker for current rates
• Access funds with checks
• Yearly contribution limits apply

2025 Contribution Limits

• Individuals: $4,300
  • Individuals aged 55 or older can also make an additional maximum $1,000 "catch-up" contribution.
• Families: $8,550

To contribute to an HSA, you must be enrolled in an HSA-eligible health plan. In 2025, the minimum deductible for qualifying high deductible health plan (HDHP) is $1,650 for single coverage and $3,300 for family coverage. In 2025, the maximum out-of-pocket expense for HDHP is $8,300 for single coverage and $16,600 for family coverage.

Eligibility

Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.

*Consult a tax advisor before opening an HSA account or contact State Bank of Cherry for more information.

Christmas Club Account

Save money for the holidays and earn a little interest at the same time! Add to your account as much and as often as you would like, and a check will be mailed to you in October of each year.

• $1.00 minimum to open
• No monthly fee
• Interest is compounded and credited annually
• Early withdrawal fees apply