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Financial Education

  • What is a Bank Account?

    A bank account is a financial account with a bank or other financial institution that allows you to deposit and withdraw money. In other words, it is a place to keep and manage your money safely.
    There are several types of bank accounts. The most common are:

    Checking Accounts:

    A checking account is used to deposit your money including paychecks, cash or refund checks and to pay for short-term expenses such as rent, groceries or insurance. You can take out (withdraw) money from your checking account by using a debit or check card, writing checks or withdrawing cash from an ATM (Automatic Teller Machine).

    Savings Accounts:

    The purpose of a savings account is to put money away for longer-term needs or emergencies. Money deposited in a savings account earns interest. Interest is the amount of money you earn calculated as a percentage of the money you have in your account. The bank or financial institution where you have your account pays interest for the privilege of using your money for other purposes such as providing loans to other customers.

    Interest-Bearing Checking Accounts:

    Some banks offer interest-bearing (or paying) accounts. The amount of interest paid is usually much
    lower than a traditional savings account and often you are required to keep a certain amount of money (a minimum balance) in the account.

    Certificate of Deposit (CD) Accounts:

    A CD is a type of investment account in which you agree to let the bank or financial institution keep your money for a specific period of time. The bank, in turn, agrees to pay you a specific rate of interest on the money you keep in the account. The period of time often varies from three months to several years. The longer the timeframe and the greater the amount of money deposited, the higher the rate of interest paid. However, there is usually a penalty if you take your money out before the end of the agreed upon timeframe.

  • Checking Accounts
  • Maintaining Your Account Register
  • Your Checking Account Statement
  • How to Write a Check
  • Overdrafts, or "Bounced Checks," and Overdraft Protection
  • Online Banking
  • Northwoods Bill Pay
  • Debit Cards, ATM Cards, and Credit Card ATM Transactions
  • Building a Solid Credit History
  • Credit Score
  • Identity Theft
  • ID Smart Identity Protection
  • Smart Saving
  • Installment Loans
  • Auto Loans
  • Glossary

Servicing Park Rapids, MN And The Surrounding Areas

Family owned and operated since 1919

Our team members greet you with a smile and the expertise you are looking for!

  • 218.732.7221
  • 1200 East First Street
    Park Rapids, MN 56470
    NMLS #416535

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