CDs, HSA CDs, and IRAs
At State Savings Bank in Des Moines, we offer several accounts that can help you earn a little more for your money. These accounts include CDs in terms from 6 months to 5 years, HSA CDs, and Traditional or Roth IRA CDs.
Certificates of Deposit (CDs)
A minimum deposit of $2,000 is required to open a regular Certificate of Deposit. If the certificate is presented for payment before maturity, an early withdrawal penalty will be assessed against the principal amount withdrawn from the CD. Stop into one of our Des Moines or Baxter offices to open a CD, or contact one of our banking professionals for more information regarding CD deposit rates.
Health Savings Account (HSA) CDs
If you have an HSA-eligible High Deductible Health Plan (HDHP), you can invest existing Health Savings Account funds or new HSA contributions in an HSA CD with State Savings Bank. A minimum deposit of $2,000 is required to open an HSA CD. If you make early withdrawals of principal for any reason, you will be subject to an early withdrawal penalty. Interest earned on an HSA CD will be added to the CD, and when you redeem your HSA CD, you will be paid the proceeds directly. To avoid the possibility of an unqualified medical distribution and subsequent tax penalty, in the majority of cases, money earned through an HSA CD should be deposited in a Health Savings Account. For more information about HSA CDs, contact one of our banking professionals.
Individual Retirement Account (IRA) CDs
State Savings Bank offers a variety of account options for your retirement savings.
Traditional IRA
Whether you’re looking for a new plan or to transfer an existing plan, we’re here to help you with your Traditional IRA. Individuals age fifty and older have the opportunity to make catch-up contributions that exceed the standard contribution limits. Consult your tax advisor to see if a Traditional IRA might be the best fit for you.
Roth IRA
With a Roth IRA from State Savings Bank, eligible individuals are allowed non-deductible contributions with tax-free withdrawals for certain distribution reasons after a five-year holding period. Individuals age fifty and older have the opportunity to make catch-up contributions that exceed the standard contribution limits. Consult your tax advisor to see if a Roth IRA might be the best fit for you.
IntraFi Network Deposits Program
State Savings Bank is proud to be a member of the IntraFi Network Deposits program. Through this program, your deposits are FDIC-insured up to the amount of $25,000,000. When you make a deposit, we place your funds into CDs issued by other banks in the IntraFi network. This occurs in increments of less than $250,000 to ensure that both the principal and the interest are fully protected by FDIC insurance. These exchanges, which occur on a dollar-for-dollar basis, bring the full amount of your original investment back to our bank. As a result, we make the total value of your deposit available for community lending purposes. Participation in the IntraFi Network Deposits program allows you to securely invest in the local community
There are many benefits to working directly with our IntraFi Network Deposits program. You can enjoy:
- One banking relationship, interest rate, and monthly statement
- CD-level returns
- Security of FDIC insurance
- Simplified record-keeping and time-saving conveniences
- Community investment
To learn more about what the IntraFi Network Deposit Program can do for you, contact one of our banking professionals.
