Personal Savings Accounts

Explore Our Savings Accounts

Savings accounts to help you reach your personal goals.

Financial journeys differ greatly from customer to customer. When you are ready to start saving toward a goal — maybe a car, vacation, college, or a home — we have the tools you need to be successful. We offer a number of personal savings accounts to fit your needs. 

A savings account is a safe place to keep your money that you don’t need immediately. Savings accounts are ideally used to save money for an emergency fund, to pay for a car in cash, to save for your child’s college fund, or to put a down payment on a home. The different accounts you can get through Guaranty Bank include traditional savings accounts, high-yield savings accounts, money market accounts, CDs, and IRAs. Each one is different, with varying interest rates, minimum balances, etc. Learn more about the accounts we offer.

Traditional Savings Accounts

A traditional, or regular, savings account is what most people think of when they first think about saving money. It doesn’t usually require a large initial deposit, and the monthly minimum balance is also usually low. You do earn interest with this kind of account, but the rates are generally lower than some of the other savings products. You are usually allowed to withdraw monthly a number of times per month, usually up to six.

Money Market Accounts

A money market account is basically a combination of a savings and a checking account. They are for people who want the benefits of having a savings account while being able to access their money more easily than what is allowed with a savings account. You collect interest on your balance, as with other savings accounts, but you are sometimes allowed to access your money through debit cards or checks. 

While you have easier access to your money, you are still limited in how many transactions you can have per month, usually a maximum of six. A money market account typically requires a higher initial deposit and minimum balance than a traditional savings account.

High-Yield Savings Account

A high-yield savings account will typically offer a higher APY than a traditional savings account. With a high-yield account, there are higher minimum deposit and minimum balance requirements. However, if you stay above the minimum balance, you typically won’t have any monthly fees. You are still allowed to withdraw money monthly, although it is usually less frequent than what is allowed with a traditional savings account.


CDs are also known as Certificates of Deposit. With a CD, you leave your money in the account for a set period of time. While your money is in the CD account, it is earning interest. At the end of the set time period,  you can either withdraw your money or roll it over into a new CD. While this is not always the case, longer time periods typically come with higher interest rates. However, before deciding on a CD, make sure you won’t need to access your money early, as you will be charged with an early withdrawal penalty.


An IRA is also known as an Individual Retirement Account. An IRA allows you to save for your retirement yourself by making tax-deferred investments. The two most popular types of IRAs are Traditional and Roth IRAs.

Traditional IRA

A Traditional IRA is a personal savings plan, where your contributions might be tax-deductible. You can sometimes get immediate tax benefits by contributing to a Traditional IRA. You can usually choose to use pre-tax or after-tax dollars. Your withdrawals after retirement will be taxed with current rates. A Traditional IRA is ideal for someone who expects a lower tax bracket when they start withdrawing their money.

Roth IRA

With a Roth IRA, you contribute after-tax dollars. When you withdraw your money after retirement, you generally don’t have to pay any taxes or penalties. A Roth IRA is ideal for an individual who expects to be in a higher tax bracket at retirement. However, you don’t get any current tax benefits with a Roth IRA.

Savings Options