Save Easier with Money Market, Savings, or Health Savings Account

Saving money regularly is a healthy habit that can serve you well throughout your life. TSB Bank offers multiple savings accounts to make saving easier: Savings, Money Market Deposit Account, Health Savings Accounts.

You can start the process of opening your TSB Bank savings account easily online with our Deposit Account Application. Read through the features of each savings account and apply today!

Save Easier with Money Market, Savings, or Health Savings Account

You can start the process of opening your TSB Bank savings account easily online with our Deposit Account Application. Read through the features of each savings account and apply today!

Savings Account Options

Here's how we can serve you.

Savings

Accounts

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First Time Homebuyer's

Account

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Money Market Deposit

Accounts

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Health Savings

Accounts

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Savings Account Benefits

Each savings account at TSB Bank comes with comprehensive services to make your banking experience complete:

Online Banking
Online Bill Pay
eStatements
Cyber Scout
Dial-a-Bank
Direct Deposit
Telephone Transfers
& much more!

Savings Account Benefits

Each savings account at TSB Bank comes with comprehensive services to make your banking experience complete:

Online Banking
Online Bill Pay
eStatements
Cyber Scout
Dial-a-Bank
Direct Deposit
Telephone Transfers
& much more!

Open a TSB Savings Account Today!

Get Started

Important Information About Opening a New Account

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. What this means for you: When you open an account, we may ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

Our main focus

Valued Customers

"Smile, Caring, Trust – Three words that describe great customer service. At TSB, we know our customers and try to greet them with a smile and call them by name. I feel our customers can trust us with their concerns."
Julie Newton, TSB Customer Service Representative

Frequently Asked Questions

Iowa Senate File 505 defines a first time homebuyer as an individual who is a resident of Iowa and who does not own, either individually or jointly, a single-family or multi-family residence for a period of three years prior to the date on which the individual is named as a designated beneficiary of a first-time homebuyer savings account and the date of the qualified home purchase for which the eligible home costs are paid or reimbursed from a first-time homebuyer savings account.

Yes, you may open a FTHSA even if you are a home owner provided it was established for the purpose of paying or reimbursing a designated beneficiary's eligible home costs in connection with a qualified home purchase. You may not be the account's designated beneficiary; you must designate an eligible beneficiary who qualifies as a first-time home buyer who must use the money for the purchase of a single-family residence in Iowa. The law includes penalties if the account is misused.

If you want to take advantage of the benefits of a FTHSA, we recommend you keep funds you are saving for a home purchase in a separate account. You do not need to close your existing savings account but opening a FTHSA simplifies your record keeping, lowers the chance of accidently using the funds for a unqualified purpose and helps us ensure you get up-to-date information about this specialized account. This is an easy process and once we set you up, you can easily view and manage your FTHSA along with all your other accounts via online banking.

A FTHSA is a deposit account created for the purpose of saving for a down payment. A variety of first-time homebuyer assistance programs exist for the purpose of obtaining or closing the mortgage such as grants that help with down payment or closing costs. It is possible a FTHSA beneficiary may also qualify for additional homebuyer assistance programs when ready to make a purchase. Your TSB Bank mortgage specialist will explain available programs and guide you through the process.

The law stipulates that the funds must be used for a qualified home purchase, defined as a single-family residence in Iowa. The law further indicates single-family residence means a single family residence owned and occupied by a designated beneficiary as the designated beneficiary's principal residence, including but not limited to a manufactured home, mobile home, condominium unit, or cooperative.

According to the Iowa Department of Revenue, any amount withdrawn from a FTHSA for a non-qualifying purpose during the tax year must be added to the account holder's Iowa net income for that year, to the extent the amount was previously deducted as a contribution. Any withdrawal that must be added to the account holder's net income is subject to a 10% penalty, unless the withdrawal was made due to the death of the account holder or due to a garnishment, levy, or other order. In calculating Iowa taxable income, a taxpayer must add back any amounts deducted at the federal level and paid or reimbursed for qualifying purposes from funds in a FTHSA.

The IRS allows a person to "gift" up to $15,000 in 2018 tax free. If a FTHSA owner gifts more than the maximum allowed in a given year to a beneficiary, the account owner will have to file a gift tax return to tell the IRS that a portion of their lifetime tax exclusion ($11.2 million for tax year 2018) was used. We recommend you seek the guidance of a tax or legal advisor if this is a possible scenario for you.

Choose What's Right for You.