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| CD's and IRA's |
CD Rates
| Terms | Min. deposit | Interest Rate | APY * |
| 1 month |
$2,500 |
.75% |
.75% |
| 3 months |
$1,000 |
1.50% |
1.51% |
| 6 months |
$1,000 |
2.15% |
2.17% |
| 12 months |
$1,000 |
2.30% |
2.32% |
| 18 months |
$1,000 |
2.40% |
2.42% |
| 24 months |
$1,000 |
2.50% |
2.52% |
| 30 months |
$1,000 |
2.75% |
2.78% |
| 36 months |
$1,000 |
3.00% |
3.03% |
| 48 months |
$1,000 |
3.25% |
3.29% |
| 60 months |
$1,000 |
3.40% |
3.44% |
| 7-month special |
$5,000 |
2.72% |
2.75% |
* The "annual percentage yield" (APY) is defined as the total amount of interest paid on an account, based on the interest rate and the frequency of compounding for a 365 day period, expressed as a percentage, calculated according to the rules in Appendix A of Reg DD. The interest rate and annual percentage yield may change after account opening. Fees may reduce earnings.
* Penalty for early withdrawal
These rates are as of 05/06/2008. To see if these rates have changed, call 1-800-597-2977
Individual Retirement Accounts
PSB is proud to announce the following IRA options:
Traditional IRA
- Can be tax deductible
- Tax deferred earnings
- Penalty-free withdrawals can be taken for first-time home purchase and qualified college expenses for your family
- New opportunities for spousal contributions
- The annual contribution limit is $3,000.00 in 2004 and increases to $4,000.00 in 2005 and $5,000.00 in 2008. Individuals who have reached age 50 by the end of the year will be able to make additional catch-up contributions of $500.00 per year. For taxable years beginning in 2006, the additional catch-up amount increases to $1,000.00.
- Must be younger than 70 1/2 and have earned income
ROTH IRA
- Tax-free earnings: while contributions will not be deductible, distributions of earnings from a plan that has been open at least 5 years may be tax free
- Penalty-free, tax-free qualified withdrawals
- Must have earned income
- No age requirements: you can make contributions past the age of 70 1/2
- You can convert an existing Traditional IRA to a ROTH IRA
- No required minimum distribution
- Withdrawals are taken from contributions first
Coverdell Education Savings Account
- Tax-free earnings
- Allows annual contributions of up to $2000 per child
- Any individual can contribute $ 2000 per child for college expenses, as long as the individual or couple meets the income requirements
- Tax-free qualified distributions for qualified higher education expenses
- Withdrawals are taken from contributions first
- Amount not used can be rolled over to another beneficiary
- Great idea for gifts from grandparents
- Changed contribution deadline from December 31 of the tax year to the tax-filing due date generally April 15th.
Income limitations may apply. If you have any questions about IRAs or any of our other products, email us at customerinfo@psbank.net, or simply call our branch nearest you. |
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