Jump to a section:

Health Savings Account

Did you know you can choose Blue Grass Federal for your Health Savings Account (HSA)? You can! 

  • Minimum to open: $50
  • Set up is $10
  • No monthly fee 
  • View it through Online and Mobile Banking 
  • Free monthly eStatements
  • Use to pay qualified medical expenses
  • Receive a debit/ATM card

Good News! If you have qualifying high-deductible health insurance coverage, you’re eligible for a HSA. You can open your account with us and enjoy both competitive rates and the mutual bank difference.

Opening a health saving account can be one of the wisest financial decisions you make. The money in the account bears interest, and you can withdraw funds at any time for qualified medical expenses. Plus, qualified contributions are generally tax-deductible. That means you can grow your savings tax-free.

As a mutual bank, we reinvest your funds to support our local communities. It’s banking with a purpose. 

Contact us today to learn more about our HSA option.

As of 4/3/2025

Annual Percentage Yield (APY)*Interest Rate

Balances under $25,000 – 0.25%; Balance $25,000 to $49,999- 0.35%;

Balances of $50,000 or more 0.50%

Balances under $25,000 – 0.25%; Balance $25,000 to $49,999- 0.35%;

Balances of $50,000 or more 0.50%;

Select Money Market

Ready for more? Enjoy a higher interest rate with the Select Money Market savings account.

  • Minimum to open: $10,000
  • Free to set up
  • When your average daily balance is at least $10,000, there is no monthly fee
  • When your average daily balance falls below $10,000, there’s a monthly fee of $10
  • Free online banking and mobile banking app
  • Free monthly eStatements
  • Receive a debit/ATM card

Savings accounts can do more than store money for special purchases — they’re part of a wealth-building strategy. The Select Money Market account is a step in that direction. When you’re able to save at least $10,000, this may be your best choice.

Unlike a basic savings account, a money market account offers the best of both worlds: higher interest rates and easy access to your money. You earn a more competitive interest rate compared to a regular savings account, meaning your savings works harder for you.

Whether you’re saving for a dream vacation, a down payment on a home, or simply building a rainy-day fund, a Select Money Market account is a trusted tool in building a more financially secure future.

As of 4/3/2025

Annual Percentage Yield (APY)*Interest Rate

Balances under $25,000 – 0.05%; Balances $25,000 to $99,999 – 0.20%;

Balances of $100,000 or more – 0.40%

Balances under $25,000 – 0.05%; Balances $25,000 to $99,999 – 0.20%;

Balances of $100,000 or more – 0.40%

*Interest rates and Annual Percentage Yield (APY) are subject to change. Fees could reduce earnings.

Statement Savings

A savings account for everyone! 

  • Minimum to open: $50
  • Free to set up
  • When your average daily balance is at least $100, there is no monthly fee 
  • When your average daily balance falls below $100, there’s a monthly fee of $1
  • Access it through Online and Mobile Banking app
  • Free monthly eStatements

Everyone can start saving with the Statement Savings Account. The more you keep in the account, the more your money grows! If you’re just starting out, this may be your ideal account. It keeps things simple and allows you to start saving immediately. 

If you’re looking to maintain a balance of at least $10,000, you’ll want to check out our Money Market Accounts. 

As of 4/3/2025

BalanceAnnual Percentage Yield (APY)*Interest Rate
under $25,0000.05%0.05%
$25,000 to $49,9990.10%0.10%
$50,000 to $99,9990.15%0.15%
$100,000 or more0.25%0.25%

*Interest rates and Annual Percentage Yield (APY) are subject to change. Fees could reduce earnings.

Statement Savings

Select Money Market

Money Market Special**

Health Savings

Minimum Opening Balance$50$10,000$25,000$50
Monthly Service Charge$0 with average daily balance of $100; otherwise $1$0 with average daily balance of $10,000; otherwise $10$0 with average daily balance of $25,000.00; otherwise $15.00None
Set-up Fee$10
Interest BearingYesYesYesYes
Debit/ATM CardYesYesYes
Online BankingYesYesYesView Only
eStatementsYesYesYesYes
Online Bill PayYesYes
Mobile BankingYesYesYesView Only
Apply OnlineYesYesYes
APY*Balances under $15,000 – 0.05%; Balances $15,000 – $24,999 – 0.15%; Balances $25,000 or more – 0.20%Balances under $25,000 – 0.35%; Balances $25,000 – $99,999 – 0.60%; Balances $100,000 – $249,999 – 0.70%; Balances $250,000 or more – 0.80%Balances $0.01 – $24,999 – 0.35%; Balances $25,000 or more – 4.59%Balances under $2,500 – 0.10%; Balances $2,500 – $4,999 – 0.15%; Balances $5,000 or more 0.20%.
Interest Rate*Balances under $15,000 – 0.05%; Balances $15,000 – $24,999 – 0.15%; Balances $25,000 or more – 0.20%Balances under $25,000 – 0.35%; Balances $25,000 – $99,999 – 0.60%; Balances $100,000 – $249,999 – 0.70%; Balances $250,000 or more – 0.80%Balances $0.01 – $24,999 – 0.35%; Balances $25,000 or more – 4.50%Balances under $2,500 – 0.10%; Balances $2,500 – $4,999 – 0.15%; Balances $5,000 or more 0.20%.

    *Interest rates and Annual Percentage Yield (APY) are subject to change. Fees could reduce earnings.

    **Promotional rates available for new money only. New money is defined as money not currently on deposit with the bank.

    Banking On the Go 

    Have you checked out our upgraded Online and Mobile Banking services? Banking on the go is more convenient and secure than ever.

    Meeting Your Financial Needs

    Let’s talk through your situation.

    Everyone’s situation is different, and our experts are here to talk through yours. Whether you’re opening a new account or applying for a mortgage, contact us today.

    Automate Your Savings With a DirectSave CD

    Pair an interest-bearing checking account with our DirectSave CD and watch your balance take off. By investing in your future, you invest in your community. It’s the mutual bank difference.

    Save with Confidence

    Want to learn more? We have articles, videos and resources to help you save with confidence.

    Spare Change

    Most people have a cup, jar or piggy bank full of change that you fill each day when you empty your pockets or clean out your purse. But how much…

    Vehicle Financing Options

    You are ready to buy a new car. However, before you hit the dealership, you need to learn the basics of how to pay for your car. You have three…

    Dealing with Large Medical Bills

    Most everyone has medical bills. In many cases, their health insurance picks up the tab, so to speak, minus the copay and perhaps a deductible. Most people can work these…

    Life and Disability Insurance Plans

    What would happen to your family if you suffered a serious injury and could not work for a year or longer? What if you unexpectedly died? Would your family be…

    What is Estate Planning

    Perhaps you have heard the now-famous phrase, “The only two certainties in life are death and taxes,” originally attributed to founding father Ben Franklin (by the author Mark Twain). Estates…

    Protecting Your Identity While Travelling

    You’ve packed your bags, reserved your hotel and secured tickets to the big festival. You’ve printed out your boarding pass. You’re ready for your big trip, right? Not quite. Traveling…

    Performing a Home Energy Audit

    Now more than ever, it is imperative that you be proactive about keeping your home energy efficient. If you do not keep an eye on this area, then you might…