• Savings
• Certificates of Deposit
• Individual Retirement Accounts
• Education Savings Account
• Retirement Plans for Small Business

SAVINGS

Opening a savings account is a great way to prepare for some future event or purchase. Peabody State Bank offers three different statement savings accounts:

• Child’s Savings – For early savers under the age of 18
• Regular Savings – A personal savings account for those 18 years of age or older
• Business Savings – A savings account for business owners

You will find more detailed information about our savings accounts by clicking here or you may contact one of our new account representatives at our Peabody or Benton locations.

CERTIFICATES OF DEPOSIT

A Certificate of Deposit is one of the smartest, easiest ways to invest your money. Money invested in a CD is safe and insured by the FDIC. Choose the Certificate of Deposit (CD) term that best fits your needs. Available CD terms range from 1 month to 5 years.

For more information on CD Terms and Rates please visit our Certificates of Deposit page.

Please contact us or visit your nearest Peabody State Bank location for additional information on Certificate of Deposit accounts.

INDIVIDUAL RETIREMENT ACCOUNTS

We Can Help. It's never too early to start saving for retirement. All of our IRA's are invested in Certificates of Deposit at competitive rates. Individual Retirement Accounts (IRA) are FDIC insured up to $250,000 separately from any other accounts you may own at Peabody State Bank.

Whether you're looking to begin saving for your retirement or desire to move your retirement assets, we can help. One of our representatives will be glad to assist you in opening your very first IRA account, adding to an existing IRA account, or changing the type of IRA account you may already own.

Rollovers, direct rollovers and transfers offer opportunities to move your retirement assets to where you want them, while retaining their substantial tax advantages. One of our representatives will be happy to discuss these options with you, and help you complete such a move safely and securely.

Choose from:

• Traditional IRA – A Traditional IRA allows all earnings to accumulate tax-deferred and, depending on your income and whether you are covered by a retirement plan at work, contributions may also be tax-deductible. Annual contributions are limited to the lesser of $5,500 or 100% of earned income each year. Additional (catch up) contributions can be made for those over 50 years of age.
• Roth IRA – A Roth IRA is another tax-deferred retirement account for wage-earning individuals. Contributions to a Roth IRA do not qualify for an upfront tax deduction. If certain income requirements are met, a Roth IRA allows the earnings on your contributions to accumulate and be withdrawn tax-free. Annual contributions are limited to the lesser of $5,500 or 100% of earned income. Additional (catch up) contributions can be made for those over 50 years of age.

Please contact us or visit your nearest Peabody State Bank location for additional information on IRA accounts.

EDUCATION SAVINGS ACCOUNT

The Coverdell Education Savings Account (CESA) is an investment tool created for the purpose of paying for the future cost of a child's post-secondary education. The plan allows total after-tax contributions of $2,000 per year for each child until they reach the age of 18. These contributions and their subsequent earnings are tax-free when withdrawn to pay for qualified education expenses.

Please contact us or visit your nearest Peabody State Bank location for additional information on CESA accounts.

RETIREMENT PLANS FOR SMALL BUSINESS

We can assist our business customers in implementing a retirement program for the owners and its employees.

Retirement plans for business include:

• Simplified Employee Pension Plan (SEP) – An SEP plan is an IRA funded by a company for the benefit of its employees. The employer can make annual contributions for himself/herself and eligible employees of 0-25% of compensation up to a maximum compensation limit. Employers must contribute the exact same percentage of compensation for each employee as he does for himself/herself. The employer may also change their contribution percentage annually, or even skip some years.

Note: This maximum compensation limit may change each tax year as set by the IRS. Please contact us for the current limits.

• Savings Incentive Match Plan for Employees (SIMPLE IRA) – A SIMPLE plan is primarily employee-funded and allows employees to contribute up to $12,000 of their pre-tax salary. Additional (catch up) contributions can be made for those over 50 years of age. If an employee participates, the employer is generally required to contribute either 3% of the salary of each participating employee, or 2% of the salary of every eligible employee.

Please contact us or visit your nearest Peabody State Bank location for additional infromation on retirement plans for small businesses.