When it comes to opening a checking account at Magna Bank, we make things simple. We match your needs and the benefits you want with a product designed for you.
It’s that simple.
Our personal accounts have the following benefits, at absolutely no cost:
- Unlimited check writing.
- Free unlimited visits to the teller.
- No per-check charges.
Choice of:
- No fee ATM Card or
- No fee VISA® Consumer Debit Card with
- No charge ATM transactions at any Magna ATM.
- No charge ATM network transactions at any First Tennessee Bank ATM.
- Network withdrawals at any Pulse or Plus network ATM.
- Free online banking and bill pay.
- ACH direct deposit.
- Automated 24-Hour banking by phone, 7 days per week.
- And, much more.
Free Checking
A no-frills checking account without the hidden charges.
- Open your account with just $25.
- Enjoy all of Magna's personal checking benefits.
- Option to receive check images with your statement for $1/month.
- No monthly service charge.
Checking Plus
Checking with interest!
- Open your account with $100
- Enjoy all of Magna's personal checking benefits.
- Earn interest on ALL collected balances.
- Free check images with your statement.
- No monthly service charge with a $1,000 minimum daily balance, otherwise just $9/month.
Elite Checking
Because at age 55 or older you’ve earned it.
- Open your account with $100.
- Enjoy all of Magna's personal checking benefits plus free nationwide ATM's.
- Earn interest on ALL collected balances.
- Free safety paper wallet style checks or 50% discount off selected wallet designs.
- Free check images with your statement.
- .25 % interest rate discount on new fixed rate consumer loans when payments are set up for automatic debit from your Magna Bank checking account
- 30% discount on safe deposit boxes.
- Avoid a $10 monthly service charge with:
- $5,000 minimum daily balance or
- $10,000 combined deposit and consumer loan balances or
- An originated first mortgage at Magna.
- No minimum balance service charge on one money market account.
- No annual fee IRAs.
- Free notary.
- Free official bank and travelers checks.
Relationship Checking
A checking account with extra benefits because of your total deposit and/or loan relationship with us.
- Open your account with $100.
- Enjoy all of Magna's personal checking benefits plus free nationwide ATM's.
- Earn interest on ALL collected balances.
- Free safety paper wallet style checks or 50% discount off selected wallet designs.
- Free official check images with your statement.
- 25% rate discount on new fixed rate consumer loan with automatic payment from checking.
- 30% discount on safe deposit boxes.
- Avoid a $15 monthly service charge with:
- $10,000 minimum daily balance or
- $10,000 combined deposit and consumer loan balances or
- An originated first mortgage at Magna.
- No minimum balance service charge on one money market account.
- No annual fee IRAs.
- Free notary.
- Free official bank and travelers checks.
Magna Premier Checking
Earn a Premier Interest Rate of 3.25% APY*
With Magna Premier Checking you’ll receive a unique set of tools and benefits that offer convenience, flexibility and enhanced earning power that will help grow your bottom line.
Magna Bank Premier Checking gives you:
- A Premier interest rate of 3.25% APY
- No minimum balance
- Free ATM use nationwide
- Notifications by email
Activity Requirements:
- Use your Magna Bank Visa® debit card to perform at least 12 signature transactions per qualification cycle. ** (Transactions must be posted, not pending.)
- Make at least one direct deposit or direct withdrawal per qualification cycle.
Annual Percentage Yields (APYs) are accurate as of 4/1/10. If all activity requirements are met, earn 3.25% APY on average collected balances up to $25,000. If account balance exceeds $25,000 and all activity requirements are met, the APY will range from 3.25% -1.77% APY (based on a $50,000 balance). Opening deposit is $100. Rates are subject to change without notice. Fees may reduce earnings. All statements are provided electronically online.
**Qualification cycle is the period beginning three (3) days prior to the current statement until 3 days prior to the close of the current statement.
If activity requirements NOT met:
- 0.25% APY interest rate earned on entire balance
- No service charge
- No refunds of ATM charges
- Still get notifications by email
For questions or rates, please call us at 901.259.5400 or 800.517.3455.
Click here for general service charges and fees.
