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 Deposit 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. Check writing is limited to three checks or ACH transactions per month. However there are unlimited in-bank, over-the-counter, in-person transactions. There is a charge of $5.00 per check written in excess of three per statement cycle. 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.

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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Traditional: Traditional IRAs allow you to defer taxes on your earnings until they are withdrawn.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.