Personal Banking

Thrift Savings Account

Application        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 month 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. Some limitations may apply.
• EZ Net Internet Banking
• 24 Hour EZ Bank Telephone Access

Passbook Savings Account

Application        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. This maintenance fee will not be imposed if the account holder is 18 or younger
• 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. Some limitations may apply
• EZ Net Internet Banking
• 24 Hour EZ Bank Telephone Access

Premier Money Market

Application        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

Application        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

Application        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 Norwood Young America is a great way to save for your health care expenses. HSAs are tax-favored consumer savings accounts which are available to individuals as well as employers and their employees.

When combining an HSA with a qualified high deductible insurance plan, contributions made to the HSA are tax deductible and distributions are tax free when used for qualified medical expenses. Contributions not used for current year medical expenses can be carried over year after year and can create an additional source of taxable retirement income if HSA assets are not used. Funds in the HSA are owned by the individual.

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

Individual Retirement Accounts

Interest Rates

No matter what your age, retirement is an important consideration. Citizens State Bank will work with you to help select an IRA account that will meet your needs.

• Separately insured up to $250,000 by the FDIC
• Fixed and variable terms available to meet your investment needs
• Listed below are the types of IRAs that we offer.

Traditional IRAs

• Provides tax deferred financial security for your future
• Individuals who are under age 70 ½ and have earned income may contribute
• No required minimum distribution until you reach 70 ½
• You can withdraw funds from your IRA any time after you reach 59 ½ without a 10% penalty
• The annual contribution limit is $4,000; additional $1,000 catch up contribution for individuals over age 50

Roth IRAs

• The Roth IRA gives investors tax free earnings and penalty free withdrawals after five years and after having reached age 59 ½.
• The annual contribution limit is $5,000; additional catch up contribution of $1,000 for individuals over age 50
• As long as you have earned income, you can establish and contribute to a Roth IRA
• No age restriction

Coverdell Education Savings Account

• This account allows you to make non-deductible annual contributions up to $2,000 per year for each child up to age 18.
• Earnings grow tax free and can be used to pay qualified elementary and secondary school expenses as well as those for higher education.

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.