Deposit accounts for Physicians
The Physician eCentive Account is a high-interest bearing, versatile checking account.
The Jumbo Deposit Account is a high-interest bearing savings account with no penalty for early withdrawal.
The Health Savings Account is an interest bearing account that is used for future qualified medical expenses.
Choose a deposit account option below that is right for you.
Deposit Accounts
| 2.02% APY1 (Interest Rate: 1.51%) | Qualifying balances $0.01 – $100,0002 |
| 0.14% APY1 | Qualifying balances $100,000.01 and greater2 |
| 0.05% APY1 | Base Interest Rate (non-qualifying) |
Meet these 3 easy qualifications:
- Total monthly debit card purchases posted to your account equaling a minimum of $2,000*
- Have at least one direct deposit or automatic payment (ACH) each month
- Receive monthly eStatements
Monthly incentives:
- Earn our highest yielding checking interest rate on balances up to $100,000**
- Automatic refunds up to $25 per month (Refunds for domestic ATM fees charged by other ATM owners and MasterCard cross border/currency conversion fees for debit card foreign transactions)
Physician eCentive® BANK Account Features:
- No minimum balance
- $100 minimum to open account
- Monthly eStatements required; Must have valid email address to enroll ($4 per month if you fail to enroll and paper statements are sent to you through U.S. Mail)
- Debit card included
Additional Features and Requirements
- Primary bank account holders (based on social security numbers) are limited to two (2) Physician eCentive® accounts at Physician Bank.
- Overdrafts & NSF: $33 per item
- Free Digital Banking, Mobile Banking, ePay online bill pay and more!
- Transfer money electronically to or from your account…anytime, online
- $30 fee if the account is closed within 6 months of opening
- Interest rate is variable and may change after the account is opened
*Please note that ATM transactions do not count toward the debit card purchase requirement. **When the Physician eCentive® bank account qualifications are met, balances up to $100,000 will earn that qualification rate for the entire statement cycle. Balances of $100,000.01 and above will receive that qualification rate for the entire month. If applicable, sales tax will be applied to service charges for accounts opened in Iowa.
1 APY = annual percentage yield. Fees may reduce earnings. Interest rate may change after the account is opened. Interest Rates Effective Since March 1, 2023. 2 Must meet monthly requirements to receive qualifying interest rates. Once you meet the monthly qualifications, interest will be recalculated at the appropriate interest rate and eligible fees will be refunded.
Current Jumbo Deposit Account Rates:
- 3.02% APY1 with $230,000 minimum balance
- 2.04% APY1 with $100,000 minimum balance
- 1.01% APY1 with $.01 minimum balance
Deposits insured by the FDIC to the maximum allowed by law. Insured Cash Sweep application required for up to $7 million of FDIC insurance.
Minimum Opening Deposit: $1,000.00 Minimum Balance: $0.01 Interest: Compounded and credited monthlyHSA FEATURES
- $50 minimum deposit to open account, waived if regular ACH deposits established at account opening
- Earn interest on the full balance of your HSA with tiered interest
- $50 setup fee ($30 setup fee if done online); to be paid at the time HSA is established, may be deferred for up to 30 days
Additional Features and Requirements
- Variable interest rate may change daily; Interest calculation is based on daily (collected) available balances and is compounded monthly
- Free eStatements or $4 per month if paper statements are mailed
- One free debit card (additional cards $10 each); no checks with account
- Overdrafts & NSF: $33 per item*
- $30 fee if account is closed within 6 months of opening
- Transfer money electronically to or from your account…anytime, online**
- External Transfer: $50
- IRS corrections: $10
- Excess contributions: $20
- Make tax-free distributions from your HSA for qualified medical expenses using:
- Debit card at merchants and service providers
- ePay online bill pay
- In bank withdrawal—$10.00 each
Dedicated Support
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Banking built for you based on your unique financial goals.
Incentives
Get access to exclusive offers and products.
Juanita Schmunk
VP, Private Banker for Physicians
- NMLS #2264168
- juanita@www.physicianbank.com
The 100% financing option while we started our first post-residency job, their rapid and efficient response rate to our questions and our numerous changes in schedule that occurred with our builder, and the absence of PMI were all extremely helpful.
Dr. David Ogden, UT