CDs & IRAs

Certificate of Deposits 
If you are looking for a great way to invest your money that is safe and secure, then a Certificate of Deposit is an excellent tool that has earning power. Our Customer Service Representatives would be happy to assist you in choosing the term that best fits your needs.
Certificates of Deposit (CDs) are designed for individuals who can set their money aside for an extended period of time. Some of the features of our CDs are:
  • Minimum Deposit to Open: $1,000.00
  • Flexible Terms Available: 6 Month to 24 Month Fixed Rate, 24 Month Adjustable Rate, 6 Month & 24 Month Add-on accounts
  • Flexible Interest Payment Plans
  • Automatic Renewal
  • Book Entry/Signature Card (no certificate for safekeeping) 
Early Withdrawal Penalties will apply for all certificate of deposit products offered.

Individual Retirement Accounts (IRAs) 
By investing in an IRA, you can start planning for your retirement or for a qualified beneficiary's educational expenses now! Farmers State Bank offers several different types of IRAs. The terms and requirements of IRAs can be very complicated, but our Customer Service Representatives are here to help you sort out the details.

Traditional IRA
The Traditional IRA is a great way to save toward your retirement. Some features of the Traditional IRA are:
  • Minimum Deposit to Open: $500.00
  • No minimum age requirements.
  • Eligible contributions are tax deductible!
  • Mandatory distributions are required beginning at age 70.
  • Flexible Terms Available: 3 Month to 24 Month Fixed Rate, 18 Month Variable Rate

Early Withdrawal Penalties may apply for IRA products. Eligibility and deposit limits are based on current IRS regulations.

ROTH IRA
The ROTH IRA offers a different set of benefits than the Traditional IRA. Some features of the ROTH IRA are:
  • Minimum Deposit to Open: $500.00
  • Income on the ROTH IRA is tax free*! (*must meet IRS requirements)
  • Mandatory distributions are not required at age 70.
  • You have access to your principal at any time without IRS penalty.
  • Limits on Earned Income apply.
  • Flexible Terms Available: 3 Month to 24 Month Fixed Rate, 18 Month Variable Rate

Early Withdrawal Penalties may apply for IRA products. Eligibility and deposit limits are based on current IRS regulations.

Self-Employed Person (SEP) IRA
The SEP IRA is a great savings tool for our self-employed customers and their employees! Some features of the SEP IRA are:
  • Minimum Deposit to Open: $500.00
  • Eligible Employer contributions to the SEP IRA are tax deductible!
  • Salary Deductions to the SEP IRA allow employees to contribute to their retirement accounts.
  • Limits on W-2 Income apply.
  • Mandatory distributions are required at age 70.
  • Flexible Terms Available: 3 Month to 24 Month Fixed Rate, 18 Month Variable Rate

Early Withdrawal Penalties may apply for IRA products. Eligibility and deposit limits are based on current IRS regulations.

Coverdell Education Savings Account (CESA)
This account was formerly called the Educational IRA. The CESA allows you to save toward qualified educational expenses! Some features of the CESA are:
  • Minimum Deposit to Open: $500.00
  • No minimum age requirements, and contributions can be made to benefit a minor until they reach age 18. Age limits can be extended for special needs children.
  • Limits on Income apply.
  • Eligible Earnings on contributions to the CESA accumulate tax free if used for a qualified educational expense for any level of education!
  • Eligible Distributions from the CESA are tax free if used for qualified expenses for primary, secondary or college expenses!
  • Any balance in a CESA must be distributed before the beneficiary reaches age 30.
  • Flexible Terms Available: 3 Month to 24 Month Fixed Rate, 18 Month Variable Rate
Early Withdrawal Penalties may apply for IRA products. Eligibility and deposit limits are based on current IRS regulations.
 
*Fees and service charges may apply to any and all accounts offered by Farmers State Bank.