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Saving for your first home? Your child's education? A new car? The most
basic of all services a bank can provide is a safe and secure account to
let your money grow. Palmetto State Bank offers a variety of savings
accounts from regular savings to higher-yielding certificates of deposit to
help you meet your savings goals.
Money Market Checking Account
Let your money work for you. The money market account offers tiered
interest rates that are based on your average available balance and are
competitive with national money market funds. You may make no more than a
total of six of the following types of transactions from your money market
account per monthly statement cycle: preauthorized withdrawals, automatic,
internet, or telephone transfers, checks, drafts, debit cards or similar
transactions. However, transactions made in – person at the bank are
unlimited. A $5.00 excess check charge will apply to each withdrawal type
exceeding the six per statement cycle limit. No monthly fees apply as long as you
maintain a $1,000.00 minimum balance. If the average available balance
falls below $1,000.00 during the monthly statement cycle, a maintenance fee
of $10.00 will apply.
Regular Savings
Ideal because it offers flexibility and easy access to your money. There is
a $100 minimum initial deposit and you may have three withdrawals per
quarter with no charge. The fee is only $1.00 per withdrawal after that. In
order to avoid a $3.00 quarterly maintenance fee, you must maintain a $100
average balance.
Certificates of Deposit
CDs offer higher interest rates with the safety of FDIC insurance. As
little as $500 opens a CD with terms from 30 days to 5 years. The rate is
tiered and the interest compounds daily. The rates are fixed so you'll know
right from the start what your money will earn.
Deposit
Value Calculator
IRAs
Traditional: Traditional IRAs allow you to defer taxes on your
earnings until they are withdrawn. In addition, if you are eligible, your
contributions may be tax deductible in the tax year for which they are
made.* Please contact a customer service representative for complete
details.
Roth: Roth IRAs give you the ability to invest your after-tax
dollars today, let the investment grow tax-deferred, and qualifying
withdrawals tax-free.* Your contributions are already taxed; so the
principal amount is never subject to taxes and the earnings can be tax free
if certain conditions are met. Please contact a customer service
representative for complete details.
Education: An Education IRA is a tool created for the purpose of
paying for the future cost of a child's post-secondary education. The plan
allows total after-tax contributions of $500 per year per child until they
reach the age of 18. These contributions and the earnings are tax-free when
withdrawn to pay for qualified education expenses. Please contact a
customer service representative for complete details.
*All rules do not apply to all taxpayers. Consult your tax advisor about
your specific situation.
U.S. Savings Bonds
You may purchase U.S. Savings Bonds at Palmetto State Bank. We have Series
EE and Series I available. Please contact one of your customer service
representatives for details.
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