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Business Savings

COMPARE YOUR SAVINGS OPTIONS

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Our Business Statement Savings Account* is a great way to earn interest on extra cash on hand.

Earns interest daily and pays quarterly

  • FDIC insured to the maximum amount allowed by law
  • Unlimited deposits
  • Limit of three withdrawals per month without charge*
  • Debit Card access
  • Optional Overdraft Protection
  • To avoid the monthly service fee, maintain a balance greater than $500

 

*There is a $2 per-transaction fee for each withdrawal in excess of 3 per month. Limited items include transfers by telephone, computer, ACH, wire transfer, or any pre authorized or automatic transfers.

Certificate of Deposits (CDs) are a safe and secure way to earn higher interest for a fixed period of time.

  • Minimum deposit of $500 to open
  • Safe, predictable rate of return
  • Higher yields than other savings products
  • Flexible maturity dates up to 60 months
  • Automatically renewable
  • FDIC insured up to $250,000

START SAVING FOR RETIREMENT

The Traditional IRA allows you to make contributions to your account with pretax dollars. You can use this IRA to lower your taxable income, and thus lower the amount you have to pay in taxes.

Withdrawals can be made without restrictions upon age 59-1/2 or for qualified educational expenses, qualified medical expenses, disability, first time home purchase (up to $10,000), health insurance premiums while unemployed for 12 weeks or longer, covering the cost of childbirth or adoption expenses (up to $5,000), or for payment to beneficiaries at owner’s death. Required Minimum Distribution withdrawals must be taken annually starting at age 70-1/2 (age 72 for individuals who attain the age of 70-1/2 after Dec. 31. 2019) to avoid penalty.

  • Every individual who has earned income or received alimony may contribute to a Traditional IRA. Income from other sources such as investments or inheritances does not qualify.
  • You may make annual contributions up to the maximum IRA limits set by the IRS.
  • Earnings grow tax-deferred until withdrawn, and contributions may be tax deductible.
  • May be opened as a certificate of deposit or savings account with various terms and options available

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Under age 50Age 50 and over*
2024$7,000$8,000*

*Catch-up contribution eligibility begins on January 1 of the calendar year of contributor’s fiftieth birthday.

Roth IRA contributions are made with after-tax dollars, which means it does not lower your taxable income. The advantage is that your earnings grow tax-free, and your withdrawals are made tax-free. Plus, you won’t have to pay taxes on this money when you retire.

  • You are eligible to contribute to a Roth IRA if your income is less than a limit set by Congress and you earn compensation (or your spouse earns compensations and you file a joint return). If your income is too high to contribute the annual contribution limit, you may be able to make a smaller contribution. Check with a tax professional for current figures.
  • You may make annual contributions up to the maximum IRA limits set by the IRS.
  • Regular contributions can be withdrawn tax-free and penalty-free at any time.
  • After the account has been open five tax years, earnings can be withdrawn tax-free and penalty-free for any of these reasons: age 59½, disability, death or a first-time home purchase.
  • Contributions are non-deductible but all withdrawals, including earnings, are tax-free if the account has been open for five years and the account holder is 59½ or older.
  • May be opened as a certificate of deposit or savings account with various terms and options available

no

Under age 50Age 50 and over*
2024$7,000$8,000*

*Catch-up contribution eligibility begins on January 1 of the calendar year of contributor’s fiftieth birthday.

A Simplified Employee Pension (SEP) Plan is a retirement plan established by employers, including self-employed individuals (sole proprietorships or partnerships) whereby employers may make tax-deductible contributions on behalf of eligible employees. Employers are allowed a tax deduction for plan contributions. Employees do not pay taxes on SEP contributions, but these contributions are taxed when the employees receives a distribution from the IRA. SEP plans require establishing a Traditional IRA to which the employer will deposit SEP contributions. Once deposited, SEP contributions become Traditional IRA assets and are subject to many of the IRA rules, including the following:

  • Distribution rules
  • Investment rules
  • Contribution and deduction rules for Traditional IRA contributions
  • Documentation requirements for establishing an IRA
  • May be opened as a certificate of deposit or savings account with various terms and options available

Annual Contribution Limits

2024 – $69,000

A Coverdell Education Savings Account is a great way for adults to save for a child’s education.

  • Contributions may be made up to the maximum Coverdell ESA limits set by the IRS.
  • Contributions can pay for qualified higher education expenses, including tuition, books, supplies and associated fees – along with both public and private elementary and high school expenses.
  • Contributions are non-deductible, earnings are tax-deferred and distributions are tax-free if used to pay for the account beneficiary’s qualified expenses for costs of kindergarten through 12th grade, college or trade school.
  • May be opened as a certificate of deposit or savings account with various terms and options available

Annual Contribution Limits

$2,000 for each child under 18

CURRENT RATES

TermCompoundingInterest RateAPYOpening Deposit
7-90 DayAt Maturity0.20%0.20%$500
3 MonthsAt Maturity020%0.20%$500
6 MonthsAt Maturity0.25%0.25%$500
12 MonthsQuarterly0.30%0.30%$500
18 MonthsQuarterly0.35%0.35%$500
24 MonthsQuarterly0.45%0.45%$500
30 MonthsQuarterly0.50%0.50%$500
36 MonthsQuarterly0.55%0.55%$500
48 MonthsQuarterly0.70%0.70%$500
60 MonthsQuarterly1.00%1.00%$500
4-Month Special 1Quarterly4.43%4.50%$10,000.00
15-Month Special 2Quarterly4.18%4.25%$10,000.00

Deposit Rates effective as of November 12, 2024.

Deposits of $500 or more may be added to an IRA certificate of deposit at any time. IRA deposits are subject to rules for IRA accounts. Certificates of Deposit will automatically renew at maturity. Rates are subject to change. The Annual Percentage Yield (APY) assumes interest will remain on deposit until maturity. Withdrawals, fees and other conditions could reduce earnings. A penalty may be imposed for early withdrawal.

1 Interest rate of 4.43% and Annual Percentage Yield of 4.50% on a 4-month Certificate of Deposit accurate as of November 12, 2024 and is subject to discontinuation or change without notice. Minimum balance to open a CD and earn stated APY is $10,000. Penalties may be imposed for early withdrawal. At maturity, the 4-month CD will renew to a 6-month CD, at the rate we are paying on the date of maturity for a 6-month CD. Other terms and conditions may apply.

2  Interest rate of 4.18% and Annual Percentage Yield of 4.25% on a 15-month Certificate of Deposit accurate as of November 12, 2024 and is subject to discontinuation or change without notice. Minimum balance to open a CD and earn stated APY is $10,000. Penalties may be imposed for early withdrawal. At maturity, the 15 month CD will renew to a 12 month CD, at the rate we are paying on the date of maturity for a 12 month CD. Other terms and conditions may apply.