Certificates of Deposit / IRAs
Certificates of Deposit
- $1,000 minimum investment – 12 to 60 month terms
- $5,000 minimum investment – 3 to 6 month terms
- Interest earned is either conveniently added back to the certificate or credited directly to your SCB checking, savings, or MMIA account
- Interest can be paid monthly, quarterly, semi-annually, or annually
- Certificates may be used as collateral for loans without losing interest on the CD or paying a penalty
Individual Retirement Accounts
- Traditional and Roth IRA Accounts
- 03 - 60 month terms
- Fixed and Variable Rates available, depending on term
Coverdell Education Savings Account/IRA
The Coverdell Education Savings Account exists to help with the education expenses of children and can be established at birth for any education they receive until the age of 30. This is a non-deductible account with no tax due on interest and no penalty for qualified distributions (up to $2,000 per year).
Note- All accounts require a minimum opening balance.
Time accounts (CDs and IRAs) may be subject to early withdrawal penalty equal to 50% of interest paid of payable during the account term if any withdrawal is made prior to maturity. Assessment of this penalty could reduce earnings on account.
For more information on any of the accounts listed above, please give us a call or stop by any branch location.