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CDs & IRAs

A traditional savings or money market account with Camp Grove State Bank is a great option for many clients. You may also find that your financial goals and current stage in life calls for additional savings options. We provide a full range of Individual Retirement Accounts as well as Certificates of Deposit that may be the right choice for you. Whether you are just starting saving for retirement, or you have an established IRA with another provider, we can help you make an informed decision to meet your goals. You may even be considering opening a CD as a gift to a grandchild or as a beginning nest egg for a new baby. No matter the reason, we’re here to help.

Certificates of Deposit (CDs)CDs

Camp Grove State Bank offers Certificates of Deposit that pay you a varied interest rate based on terms and balances. This allows you to receive funds directly to your personal checking or savings account each month or at maturity.

With a variety of terms, we are able to meet all of your CD needs. We currently offer terms of 3 or 6 months as well as 1-5 years. We’ll discuss with you what your personal financial goals are and assist you in finding the right term and balance for you.

Disclosure: Withdrawing your CD funds prior to its term does result in a penalty.

Want to learn more about our CD services and how you can benefit? Contact us and we’ll be happy to guide you through the process.

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IRAsIRAs

Individual Retirement Accounts can be confusing which is why it is our goal to assist our clients in finding the right IRA for their retirement goals and develop a plan that will help them meet those goals.

There are several options when choosing an IRA plan. Each plan is unique and has different parameters that are required.

No matter what IRA plan you choose, saving for your retirement is a vital factor in your financial security. Camp Grove State Bank will help you make the best choice and ensure your understanding of all the pros and cons of each plan. Let’s discuss your retirement savings plans and find the right solution together!

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Traditional

This option is best if you want tax-deferred earning and possible tax deductible contributions. Additionally, a Traditional IRA account earns a higher interest rate than a traditional savings account.

  • Annual contribution limits do apply based on your age and can be made up until you turn 70 ½.

Roth

If you want tax-free withdrawals, this is the best option for you. Qualified distributions are tax-free and contributions are allowed at any age. Roth IRAs also earn a higher interest rate than a traditional savings account.

  • Annual contribution limits do apply based on your age.

SEP

A Simplified Employee Pension is a great option for self-employed clients or if you own a small business and want to save for retirement. A SEP IRA contribution may be tax-deductible if qualified and its earnings may accumulate tax-deferred. Just as other IRA plans, a SEP IRA earns a higher interest rate than a traditional savings account.

  • Annual contribution limit may be higher than other IRAs.
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