Personal savings

Whether you are saving for a vacation next year or for retirement decades away, we have the right savings option for you.

Savings

Money Market

Certificate of Deposit (CDs)

  • $1,000 minimum opening deposit
  • Fixed interest rates ranging in terms of 3 months to 72 months
  • No additional deposits can be made until maturity
  • Penalties for early withdrawal equal to one half of the term's interest
  • A maturity notice will be mailed to you approximately one month prior to the maturity date
  • The CD will automatically renew at the current rate paid on the same term unless you make changes within the following Grace Periods: CD Term 3 months through 12 months- Grace Period of 7 days, 10 days for CD Term over 12 months
  • Click here for current interest rates
  • What do I need to open an account?

Individual Retirement Accounts (IRAs)

An IRA (Individual Retirement Account) is a personal savings plan established by individuals to provide supplemental income at retirement. Community Savings Bank offers both Traditional and Roth IRAs and can be invested in either a Money Market Savings or Certificate of Deposit listed above. Traditional IRAs can offer immediate tax benefits. All earnings grow tax-deferred until withdrawn. Contributions may be tax-deductible. You must be under the age of 70 ½ and have earned income within government guidelines to make contributions. Roth IRAs are non-deductible contributions to accounts that feature tax-free withdrawals for certain distribution reasons after a five-year holding period. No age restrictions, but must have earned income within government guidelines. For 2018, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of $5,500 ($6,500 if you’re age 50 or older), or your taxable compensation for the year. The IRA contribution limit does not apply to Rollover contributions or Qualified reservist repayments. The maximum deductible contribution to a traditional IRA and the maximum contribution to a Roth IRA may be reduced depending on your modified adjusted gross income.

 

 

 

 

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