At Oak Bank, we believe in growth.
Although our name comes from our origins on Oak Street, the various stages of life for an Oak tree can have interesting parallels with one’s financial stages of life.
We realize that our customers are all at different points in their lives, and have tried to make sure our services are helpful in meeting these various needs. No matter what your age or current financial goals, we have services that help you grow. (We got these stages from the National Arbor Day Foundation https://www.arborday.org/trees/lifestages/)
The Infant Stage
“During this phase, trees are at their most vulnerable. Trees are very thin and small, though some may quickly grow taller than the average human.”
You’ve probably heard that “it’s never too early” to start saving. We agree, and that’s what inspired our youth oriented programs for banking. Our Acorn Savings Account is a way for children to learn about savings. With only $10 minimum opening deposit and no monthly fee, this is a great way for kids to get a jumpstart on their financial education.
The Youth Stage
“The second stage a tree goes through in its life is youth. Trees in this “teenage” phase, have long, slender branches, and pointed tops.”
Our other service, the Junior Checking Account, is meant as an introduction to transaction banking for children. This type of account is held jointly with a parent (until age 16 or older), and will have access to statements and a Debit or ATM card (at the request of a parent).
The Prime of Life Stage
“Stage three is next: the tree’s prime of life. Trees in their prime have full, round-topped crowns, filled with long, strong branches.”
For those in the next area of their financial lives, we have both regular checking and regular Prime savings accounts . We also have a “Totally Free Checking” Account, which has no monthly fees when direct deposit and eStatements are setup. For more information about these accounts, you can contact us here.
The Middle Age Stage
“The fourth phase in a tree’s life is middle-age. Their crowns will flatten out as limbs grow thicker and heavier.”
When you are financially stable, a Certificate of Deposit (or CD) can be another place to put money that isn’t a checking or savings account. Our CD terms can last for a month to five years, and rates change on a daily basis. Once you have opened your CD account, the interest rate and length of the term are set. Interest is accrued daily and paid once the certificate matures (at the end of the term). At this point in time, you may also be in a position to consider an IRA, or Retirement Account. This is a similar setup to a regular CD account.
We also have NOW Accounts (Negotiable Order of Withdrawal Account), which bears interest and no charge for minimum balances of $1500 or more, and Personal Money Market Accounts (click here for more information about these accounts).
The Senior Stage
“Senior trees have flat-topped canopies of heavy limbs, sometimes covered in short sprouts. Gaps start appearing in the canopy as the major limb systems start dying out.”
Finally, we have a specially designed Senior Checking Account for customers 55 years or older.. Similar to the Totally Free Checking Account, there is no maintenance fee with Direct Deposit and eStatement setup.
In order to grow your finances to be as tall and enduring as the oak tree, you should consider these steps for growing your own financial lifestyle. We’re here to help you discover the savings option that works best for you- wherever you are in your financial life cycle.
Our online banking services are another way to foster growth for our customers. You can check your balance and make payments online, even from your phone, hassle-free! This includes a Personal Financial Management Tool designed to help you organize expenses- it’s like the Miracle-Gro to your financial oak tree.
Thanks for growing with Oak Bank, no matter what stage you are at!