CDs & IRAs
In this section:
CDs
To invest money for a specific, predetermined period of time, a Shelby County State Bank certificate of deposit offers a highly competitive interest rate on a fixed-dollar investment.
- Terms ranging from 30 days to five years.
- Minimum deposits as low as $1000.
- Variety of interest payment options: interest can be paid to the certificate of deposit account, deposited to a Shelby County State Bank checking or savings account or an interest check can be mailed directly to the customer or the financial institution of the customer's choice.
- Every depositor is insured up to $250,000 for total deposits at Shelby County State Bank by the Federal Deposit Insurance Corporation (FDIC).
Please check out our current CD rates. For Jumbo CDs, please call the bank for negotiable rates.
IRAs
Traditional IRAs
- Tax-deferred growth of earnings.
- Maximum annual contribution of $5000 for 2012 or 100% of compensation, whichever is less, if under age 50.
- Maximum annual contribution of $6000 for 2012 or 100% of compensation, whichever is less, if age 50 or over.
- No contributions after age 70 1/2.
- Distributions must begin at age 70 1/2.
- Deductible contributions.
Roth IRAs
- Tax-free earnings and distributions.
- Maximum annual contribution of $5000 for 2012 or 100% of compensation, whichever is less, if under age 50.
- Maximum annual contribution of $6000 for 2012 or 100% of compensation, whichever is less, if age 50 or over.
- Contributions permitted after age 70 1/2 with earned income.
- Distributions not required after age 70 1/2.
- Non-deductible, after-tax contributions
SEP IRAs
- Retirement Plan established by an employer.
- The employer is allowed to deduct a percentage of the participant's compensation.
- SEP contributions are deductible by the employer and are not included in the employee's income for the year.
- SEP contributions are not subject to Federal withholding, FICA or FUTA taxes, unless you are self-employed.
- Interest earned on the SEP deposit is sheltered from federal and most state income taxes until withdrawals are made at retirement.
Simple IRAs
- Employee-sponsored retirement plan.
- Employer is eligible if it employs 100 or fewer employees.
- Employee, by making elective deferrals, can defer current income taxation.
- An employee may defer up to $11,500 for 2012. Employees age 50 or over can make a catch-up contribution of up to $2,500 for 2012.
- An employer is allowed to deduct the cost of these elective deferrals.
- Interest earned on SIMPLE deferrals is sheltered from federal and most state income taxes until withdrawn.
- Employer may make matching contributions.
