Focus Your Savings Efforts
There are times when you are looking to save more aggressively. Whether you want to take advantage of better rates available in a certificate of deposit (CD), or you want to save effectively for your retirement with a retirement account, you have options at Community State Bank. If you're ready to focus your savings strategy with a CD or IRA, please contact your local branch office to speak with a member of our personal banking team about which options are right for you.
Certificates of Deposit (CD)
A CD from Community State Bank allows you to save more aggressively by providing you with a better interest rate than you'll find in a traditional savings account. Here's what you need to know about our CDs:
- Terms ranging from 3 months to 60 months
- Opening deposits as low as $1,000
- Fixed rate for entirety of term
- Multiple reinvestment and cash-out options when term expires
- Early withdrawal subject to penalty
Retirement Account Options at Community State Bank
| Retirement Account | What to Know About This Account |
|---|---|
| Traditional IRA | Contributions may be tax-deductible depending on your income and filing status. Earnings grow tax-deferred, meaning you don’t pay taxes until you withdraw funds. Withdrawals are taxed as ordinary income, and early withdrawals (before age 59½) may incur a 10% penalty. |
| Roth IRA | Contributions are made with after-tax dollars and are not tax-deductible. Earnings grow tax-free, and qualified withdrawals (after age 59½ and the account being open for at least five years) are tax-free. Contributions (but not earnings) can be withdrawn at any time without taxes or penalties. |
| SEP Account | Simplified Employee Pension (SEP) IRAs are designed for self-employed individuals and small business owners. Only employers contribute, and contributions are tax-deductible for the employer. Contributions grow tax-deferred until withdrawal, and withdrawals are taxed as ordinary income. |
| Simple IRA | Savings Incentive Match Plan for Employees (SIMPLE) IRAs are for small businesses with 100 or fewer employees. Both employers and employees can contribute. Employer contributions are mandatory and can be either matching or non-elective. Contributions grow tax-deferred, and withdrawals are taxed as ordinary income. |
*Please Consult Your Tax Advisor