Business Banking

Thrift Savings Account

Interest Rates

An account that gets your savings program started and requires a $50.00 minimum balance to avoid a service charge.

• Interest is paid on days when your average daily balance is $300.00 or more
• Interest is compounded and credited monthly on daily collected balances
• A maintenance fee of $3.00 per statement cycle will be charged if the average balance falls below $50.00.
• You must deposit $50.00 to open this account
• Three free cash withdrawals per month. $3.00 fee for each additional cash withdrawal

Complimentary Benefits

• Can be set up as overdraft protection with your checking account in $100.00 increments. Limitations may apply.
• EZ Net Internet Banking
• 24 Hour EZ Bank Telephone Access

Passbook Savings Account

Interest Rates

An excellent account for a variety of savings needs.

• No minimum balance is required to earn interest.
• Interest is compounded and credited quarterly on daily collected balances.
• A maintenance fee of $3.00 per quarterly statement cycle will be charged if the daily collected balance falls below $200.00. 
• Six free cash withdrawals per month. $3.00 fee for each additional cash withdrawal over six.

Complimentary Benefits

• Can be set up as overdraft protection with your checking account in $100.00 increments. Limitations may apply.
• EZ Net Internet Banking
• 24 Hour EZ Bank Telephone Access

Premier Money Market

Interest Rates

A multi-tiered savings account that pays competitive interest rates.

• Interest is paid on days when the daily collected balance is $2,500.00 and over
• Interest rates are based upon tiered balances
• Interest is compounded and credited monthly on daily collected balances
• Limited check writing capabilities
• There is a $12.00 charge per statement cycle if the daily collected balance falls below $2,500.00
• Six free cash withdrawals per month. A $5.00 fee for each additional cash withdrawal.

Complimentary Benefits

• EZ Net Internet Banking
• 24 Hour EZ Bank Telephone Access
• Free Duplicate Checks
• Carbonless copies of checks for your records

Portfolio Money Market

Interest Rates

An account that provides complete liquidity. Tiered to rewards larger investments.

• Interest is paid on days when the daily collected balance is $10,000.00 and over
• Interest rates are based upon tiered balances
• Interest is compounded and credited monthly on daily collected balances
• Limited check writing capabilities
• There is a $15.00 charge per statement cycle if the daily collected balance falls below $10,000.00
• Six free cash withdrawals per month. A $5.00 fee for each additional cash withdrawal.

Complimentary Benefits

• EZ Net Internet Banking
• 24 Hour EZ Bank Telephone Access
• Free Duplicate Checks
• Carbonless copies of checks for your records

Certificates of Deposit

Interest Rates

Certificates of Deposit (CDs) have many advantages. Higher interest rates are often available for varying terms of maturity. Account Holders may schedule maturity dates to coincide with future cash needs. Certificates are bank deposits and are FDIC insured.

• Minimum deposit requirement of $500.00 is required to open the account
• Terms of CDs range from 91 Days to six years
• Competitive rates of interest
• An interest penalty will apply for early withdrawal of deposited funds
• All terms and conditions are subject to change

Health Savings Accounts

Interest Rates

A Health Savings Account (HSA) from Citizens State Bank is a great way to save for your health care deductible, while taking advantage of tax savings. Anyone is eligible for a Citizens State Bank HSA as long as you have a High Deductible Health Plan and meet the IRS requirements.

When combining a HSA with a high deductible insurance plan, you control your health care costs and you have a means to pay for current and future health care expenses with tax free dollars. Funds accumulate in a HSA while earning interest and grow tax free. Funds in the HSA are owned by the individual.

Citizens offers Health Savings Accounts with rates and pricing structures designed to benefit you.

Email Lynne or contact her at 952.467.3000

SIMPLE IRAs and SEP Plans

A SIMPLE IRA Plan (Savings Incentive Match Plan for Employees) is an employer-sponsored retirement plan who employs 100 or fewer employees on any day during the year who earned $5,000 or more in compensation from the employer during the year.

Five attractive reasons to have an SIMPLE IRA Plan:

• Am employee can defer current income taxation by making elective deferrals;
• An employer is allowed to deduct the cost of these elective deferrals;
• Interest earned is tax deferred;
• Current IRA rules may limit deductibility for Traditional IRA contributions; and
• SIMPLES have relatively few government reporting requirements, and therefore,
  • lowers administrative costs.

A SEP Plan (Simplified Employee Pension Plan) is an employer-sponsored retirement plan which is an excellent choice for a self-employed individual.

Contributions are made directly to a Traditional Individual Retirement Account (IRA) for each participating employee.

This plan eliminates lengthy and detailed government reporting, numerous non-discrimination tests, and complicated and restrictive contribution formulas associated with other retirement plans.