Personal Services

A firm handshake demonstrates focus, determination, and security; the same kind of commitment West Alabama Bank shows customers, every single day. We know you have plenty of banking options; at WAB, we remain focused and determined to be the bank you can count on, time and again, to provide you with a broad range of services and options for handling your personal finances. Whether it’s Internet banking, online bill-pay services, debit cards, free checking, or more, WAB recognizes and values the trust you’ve given us—and we remain committed to finding new and innovative ways to serve you better. We deliver more than a promise – we deliver personal commitment.

Savings Accounts

We make it easy to get into the habit of setting aside money. With a little help from one of our many savings account options, you’ll have money for the future or simply a rainy day.

Regular Savings Account

Get started saving money with this regular savings plan.

• Minimum opening deposit - $250
• No quarterly service charge when maintaining a balance greater than $250
• $5 quarterly service charge with balance less than $250
• Interest paid quarterly
• Accrued interest is forfeited if account is closed before interest is paid
• Statements mailed quarterly
• Unlimited deposits
• Make up to ten withdrawals per quarter at no charge
• $3.00 service fee per transaction after ten withdrawals per quarter

Select Gold Savings Account

Designed to complement our Select Gold Checking account, this savings plan is for our customers age 50 or better, featuring all the benefits of our Regular Savings account with an even higher rate of interest.

• Minimum opening deposit - $100
• No quarterly service charge when maintaining a balance greater than $250
• $5 quarterly service charge with balance less than $250
• Interest paid quarterly
• Accrued interest is forfeited if account is closed before interest is paid
• Statements mailed quarterly
• Unlimited deposits
• Make up to ten withdrawals per quarter at no charge
• $3.00 service fee per transaction after ten withdrawals per quarter

Christmas Club Account

With automatic deposits, this account takes the stress out of saving money for the festive holiday season.

• Minimum opening deposit - $10
• Interest paid at maturity
• Fee assessed when account is closed prior to maturity

Piggy Bank Savings Account

Designed just for kids up to age 15, this account teaches children the importance of saving money while making it fun and easy.

• No minimum opening deposit
• No monthly service charge
• Statements mailed quarterly
• No interest penalty for withdrawal
• Interest paid quarterly

Certificate of Deposit

• Minimum opening deposit - $1,000
• Federal regulations require a penalty for early withdrawal

Money Market

• Free Checks
• 25% Discount on Safe Deposit Box Rentals
• 0.25% Rate Discount on Consumer Loans
• $25,000 Opening Deposit Required
• No Service Fee if Account Stays Above $25,000
• Monthly service charge of $15.00 applies if balance falls below $25,000.
• Make up to six pre-authorized, automatic, or telephone transfers per statement cycle. Up to three of the six transfers may be payable to third parties with check, draft or debit card.
• To qualify for this account you must obtain one DDA or NOW account product and one additional account or service from West Alabama Bank.

Individual Retirement Account

We offer a variety of IRA investing plans – from traditional to self-directed IRAs. Please talk with us about which type of IRA best suits your investment needs and goals.

Traditional IRA

Traditional lRAs let you invest pretax dollars, providing possible tax benefits throughout your income-producing years. 

•  Interest earnings are not taken until withdrawal

Self-Directed IRA

Offering greater flexibility, a self-directed IRA lets you decide your own level of interest yield and risk tolerance. Direct your funds to be invested in stocks, bonds, government securities, mutual funds, money market funds and certain U.S.-issued gold and silver coins.

•  Interest earnings are not taken until withdrawal

Simplified Employee Pension (SEP) Plans

A SEP is an easy, low-cost retirement plan for employers. Rather than opening a separate retirement plan, an employer makes contributions to the employees’ IRAs.

• Deposit limits apply
• May require contribution for other employees of contributor
• Annual statements of balances and transactions

Roth IRA

Roth IRAs, while not tax-deductible, allow you to make qualified, tax-free distributions.

• Tax-free withdrawals for individuals at least age 59 1/2, or for death or disability (account must be at least five years old)
• Withdrawals prior to age 59 1/2 may be tax- and penalty-free for qualified purposes such as a first home purchase

Education IRA

Education IRAs let parents, grandparents or other family members, friends and even children contribute towards the child’s education.

• For individuals under age 18
• Tax-free withdrawals for qualified education expenses
• Parents may deposit $2,000 annually per child for college
• Money may be transferred to another family member for college
• Unused money may be taxed and is subject to a 10% penalty

All checking accounts, savings accounts and certificates of deposit are insured for the maximum amount allowed by the Federal Deposit Insurance Corporation (FDIC).