Richmond, Indiana – First Bank Richmond would like to announce the appointment of Paul J. Witte as President &...
Designed to help build your nest egg by paying a higher interest rate on a lower balance. Get started with no minimum opening deposit and an automatic transfer from your Fit Checking.
This basic savings account is ideal for when you need quick access to your money. We recommend using your savings account for overdraft protection of your checking account.
Money Market Account
You have worked hard to build your savings, and it's time to reap the reward. With higher balances, Money Market accounts earn a higher interest rate than our basic savings account offers.
Health Savings Account (HSA)
An ideal account if you are enrolled in a High Deductible Health Plan and want to save for future medical expenses. This account makes the most of your money as it pays interest, and distributions are tax-free as long as you use them for qualified medical expenses.
Certificate of Deposit (CD)
If you are looking for a short-term investment with a guaranteed rate of return, a CD is for you. With terms ranging from 3 months to 5 years, we have something for everyone.
My Fit CD
You won't have to worry about missing out on a better rate. Make unlimited deposits for the first 24 months and get a one-time exchange on your interest rate for the term closest to the remaining term of your certificate.
Individual Retirement Accounts (IRAs)
First Bank offers three types of IRA accounts - Traditional, Roth, and IRA savings - each with different tax saving advantages.
Kids First Savings
A special account for children under 18, this account teaches the fundamentals of managing money. You only need $1 to open this account and there are no service fees.
Coverdell Education Savings Account
Make deposits into your Coverdell Education Savings account for future educational expenses. Contributions and earnings are tax-free when withdrawn, as long as you use them for qualified education expenses.
Open this account with only $1 and save all year for the holidays so you don't end up with credit card debt in January! This account pays simple interest and
When opening an account, you will be asked to provide the New Accounts Representative with two forms of ID. We require a photo ID with your current address. Should the address on your ID not match your current address, two pieces of mail with your current address will be requested. Bills and a copy of your lease are both acceptable.
You will also need to provide basic information such as your birth date, Social Security number, phone number, and other personal information.
All accounts with Mutual Federal require an initial deposit to open. You may transfer money from an internal account, or fund your new account with a cash or check.
If you're opening a joint account, identification details for all owners will be required.
All applicants will be verified through ChexSystems, a nationwide specialty consumer reporting agency under the federal Fair Credit Reporting Act (FCRA).
Periodically, Mutual Federal will offer special rates and terms on Certificates of Deposit (CDs). To see current rates, terms and specials, click here.
HSAs are an increasingly popular choice for people looking to manage the rising cost of individual health care. If you are unsure as to whether or not you qualify, we suggest checking with your insurance carrier. Carriers will label their plans as HSA eligible.
For more information about HSA eligibility and requirements, check with your tax preparer, employer, or click here for the IRS publication on HSAs.
Mutual Federal will not accept new deposit accounts outside of our local market area unless the customer has a previous transactional account. The market area is defined as any of the counties we have a branch in or a contiguous county to a branch location.