CERTIFICATES OF DEPOSIT

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 $1,000.
  • 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.


INDIVIDUAL RETIREMENT ACCOUNTS (IRAs)

Traditional IRAs


  • Tax-deferred growth of earnings.
  • Maximum annual contribution of $5,500 for 2013 or 100% of compensation, whichever is less, if under age 50.
  • Maximum annual contribution of $6,500 for 2013 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-deferred growth of earnings.
  • Maximum annual contribution of $5,500 for 2013 or 100% of compensation, whichever is less, if under age 50.
  • Maximum annual contribution of $6,500 for 2013 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 $12,000 for 2013. Employees age 50 or over can make a catch-up contribution of up to $2,500 for 2013.
  • 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.

IRA Disclosure

Disclosure for INDIVIDUAL RETIREMENT ACCOUNTS and COVERDELL EDUCATION SAVINGS Variable Rate Accounts

The daily balance method will be used to calculate interest on your Individual Retirement Account (IRA) or your Coverdell Education Savings Account (CESA) by applying a daily periodic rate to the full amount of principal in the account each day.

DEPOSIT INFORMATION

A minimum deposit of $500 is required to open a traditional IRA or a Roth IRA account. A minimum of $100 is required to open a Coverdell Education Savings Account (formerly called the Education IRA).

Deposits of any amount may be made to the account after it is opened. However, you will be liable for any penalty incurred for excess contributions to your Traditional IRA, Roth IRA or Coverdell Education Savings Account.

INTEREST RATE

The interest rate and annual percentage yield you will earn is variable and is set at the discretion of the management of the Shelby County State Bank. The rate may change monthly. To obtain the annual percentage yield disclosed, you must maintain a minimum balance of $50 in the account each day.Interest is compounded quarterly and the interest you earn is credited to your account at the end of each quarter. Interest begins to accrue no later than the business day of deposit. Deposits received before closing on a business day are credited on that day. A Shelby County State Bank rate sheet is available disclosing current rates.

WITHDRAWALS

Withdrawals are limited by law. Please see your tax advisor for details. You have the right to withdraw your deposit plus any interest at any time, though you may be subject to certain penalties.

We reserve the right to require seven days notice before any withdrawal can be made from an interest-bearing account.

PLEASE ASK A BANK REPRESENTATIVE FOR CURRENT RATES

FDIC Information

Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per insured bank, for each account ownership category. To learn more about the FDIC, visit them online at: www.fdic.gov.