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A minimum deposit of $2,000 is required to open a regular Certificate of Deposit. If the certificate is presented for payment before maturity, an early withdrawal penalty will be assessed against the principal amount withdrawn from the CD. Stop in to open or contact one of our banking professionals today for more information!
Health Savings Account (HSA) CDs
If you have an HSA-eligible High Deductible Health Plan (HDHP), you can invest existing HSA account funds or new HSA contributions in an HSA CD. The following requirements apply:
A minimum deposit of $2,000 is required to open an HSA CD.
Interest earned on an HSA CD will be added to the CD.
Early withdrawals of principal for any reason are subject to an early withdrawal penalty.
When you redeem your HSA CD, we will pay you the proceeds directly. To avoid the possibility of an unqualified medical distribution and tax penalty, in most cases, the money should be deposited in a Health Savings Account. We encourage you to seek the guidance of a tax professional if you have questions.
State Savings Bank offers competitive rates and terms and a variety of options for your retirement savings. Please contact one of our personal bankers and they can assist you in opening the right account for you.
Eligible individuals are allowed non-deductible contributions with tax-free withdrawals for certain distribution reasons after a five year holding period. Individuals age fifty and older will have an opportunity to make catch up contributions which exceed the standard contribution limits. Consult your tax advisor to see if this IRA might be for you.
Whether it’s a new plan or a transfer/rollover, let our customer service representatives help you set up your traditional IRA plan. Individuals age fifty and older have an opportunity to make catch up contributions which exceed the standard contribution limits. Consult your tax advisor to see if this IRA might be for you.
Certificate of Deposit Account Registry Service (CDARS)
State Savings Bank is proud to be a member of the CDARS program. Through this program we can FDIC insure your deposits up to the amount of $25,000,000. When you place a deposit with us, we place your funds into CDs issued by other banks in the network. This occurs in increments of less than $250,000 to ensure that both principal and interest are eligible for full FDIC insurance. These exchanges, which occur on a dollar-for-dollar basis, bring the full amount of your original investment back to our bank. As a result, we make the total value of your deposit available for community lending purposes. CDARS allows you to invest in the local community while protecting your investment.
There are many benefits to working directly with our CDARS program. You can enjoy…
One Stop Shopping
Simplified Record Keeping
One banking relationship
One Interest Rate
One monthly statement
Security of FDIC Insurance
We would like the opportunity to show you what the CDARS program can do for you and your investment needs. Please contact one of our personal banking professionals, who will assist you in opening the right account.
West Des Moines
4800 Mills Civic Parkway
West Des Moines, IA 50265
102 S. Main, PO Box 67
Baxter, IA 50028