Start Saving Smarter
Whether you’d like to grow your savings faster with a better interest rate or you want to start saving for retirement, First State can provide you with the right solutions.
A certificate of deposit (CD) or Individual Retirement Account (IRA) can help you start saving smarter so you can live the way you want in the future.
CDs
Available in terms from 1 month to 5 years, CDs offer a better interest rate for your money compared to traditional savings accounts. Here’s what you need to know about CDs at First State:
- Earn a fixed interest rate on savings for designated term
- Minimum opening balance requirements of $500, $5,000 or $50,000, depending on term of deposit
- No monthly service charges
- Accessible in online banking
- Protected by FDIC insurance up to $250,000 per individual
- Withdrawal of funds prior to maturity may be subject to penalty
IRAs
Please consult your tax advisor with any tax-related questions or before choosing an IRA account.
- Traditional IRA: Contributions are tax-deductible. After retirement, withdrawals from the account are taxed by the IRS as income.
- Roth IRA: Contributions are not tax-deductible, but once you retire withdrawals are not subject to income tax.
- Simple IRA: For small businesses or self-employed individuals, employees can make contributions and employers are required to make contributions. All contributions are tax-deductible.
- Single Employee Pension (SEP) IRA: Only employers can make contributions, which can be deducted from reported business income to potentially lower your business’s tax rate. Employee withdrawals from the account are taxed as income by the IRS.
| Product | Certificates of Deposit | IRA Accounts |
|---|---|---|
| Description | Earn a fixed interest rate on your savings with a designated term | Saving for retirement? We offer Traditional, Simple, Roth, and SEP IRAS |
| Minimum Opening Deposit | $500 | $100.00 |
| Monthly Service Charge | None | None |
| Interest Bearing | Yes | Yes |
| Transaction Restrictions | Withdrawals prior to maturity may be subject to penalty. | Withdrawals prior to maturity may be subject to penalty. |
| Benefits | ||
| Online Banking | Yes | Yes |
Open your CD and IRA Today
Stop in at any location to learn more about either of these accounts and open one today.
CD & IRA Rates
All rates are effective as of December 10, 2024.
Variable Rate IRA**
| Minimum Available Balance Requirement | Interest Rate | APY* | Minimum Deposit to Open Account |
|---|---|---|---|
| No minimum balance requirement | 0.75% | 0.75% | $100.00 |
CD Rates
| CD Term | Interest Rate | APY* | Interest Rate | APY* | Interest Rate | APY* |
|---|---|---|---|---|---|---|
| Minimum $500 | $5,000 & Above | $50,000 & Above | ||||
| 1 Month | - | - | - | - | 0.05% | 0.05% |
| 2 Months | - | - | - | - | 0.05% | 0.05% |
| 3 Months | 0.05% | 0.05% | 0.50% | 0.50% | - | - |
| 6 Months | 2.23% | 2.25% | 3.93% | 4.00% | - | - |
| 12 Months | 0.05% | 0.05% | 3.55% | 3.60% | - | - |
| 18 months | 0.05% | 0.05% | 1.14% | 1.15% | - | - |
| 24 Month | 0.10% | 0.10% | 2.97% | 3.00% | - | - |
| 30 Months | 0.10% | 0.10% | 1.24% | 1.25% | - | - |
| 36 Months | 0.10% | 0.10% | 2.48% | 2.50% | - | - |
| 48 Months | 0.25% | 0.25% | 2.48% | 2.50% | - | - |
| 60 Months | 0.25% | 0.25% | 2.48% | 2.50% | - | - |
*APY = Annual Percentage Yield
**A penalty will or may be imposed for early withdrawal.