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BANK ON BLOOMINGTON
Our partner banks remove barriers to banking by offering accounts with no minimum balance, no or low monthly fees, and free online services. Partners make an effort to open accounts even if you have had difficulties with an account in the past, such as unpaid overdraft fees. Several partners also accept alternative forms of identification. Bank on Bloomington also offers financial education opportunities.
Monroe County United Ministries
Program exists to help low-income Hoosiers build assets, become self-sufficient, learn personal financial skills, and improve their quality of life.
Types of Bank Accounts
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Checking Accounts: Used to keep your money safe and accessible. Your paycheck can be directly deposited into the account so you can withdraw cash, write a check, or use a debit card to pay day-to-day bills and expenses.
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Savings Accounts: Not designed to give you felxible access to your money. Instead, these accounts grow over time for larger purchases like a car or a house. Banks pay a small percentage of itnerest on the amount you have saved, so the more you put back, the more you earn. Generally, you cannot write a check or use a debit card to withdraw the money from your savings account
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Individual Retirement Accounts (IRAs): Considered long-term savings accounts. Banks pay a higher percentage of interest on the money you invest in an IRA, and when you retire the money will have multiplied much more. Funds in an IRA are even more limited than a normal savings account because the bank is counting on using your money for other things before you need it. If you use a Roth IRA, the money can be withdrawn tax free when you retire.