Prairie State Bank & Trust
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Certificate of Deposits/
Individual Retirement Accounts


Certificates of Deposit

  • Experience the advantages of relationship banking. At PSB&T we reward our deposit customers who maintain an average daily balance of $1000 or more by offering a higher rate of return on their CD. Ask for details on our “Relationship CD”, designed just for PSB&T patrons!
  • Invest excess funds in term investments from 6 months to 60 months.
  • Certificates will automatically renew at maturity if you choose not to reinvest the funds in a different term or add funds to the certificate.
  • A penalty may be imposed for early withdrawal

Individual Retirement Accounts

Traditional IRA

A Traditional IRA is a tax deferred retirement account. Contributions to a Traditional IRA plan may be tax deductible depending on the taxpayer’s income, tax filing status and other factors.

Prairie State Bank & Trust has trained IRA specialists who can educate you and offer you information on a Traditional IRA. There are tax advantages to establishing an IRA and you are encouraged to seek your tax professional for more information as to what these are for a Traditional IRA.

Features

  • Contributions limits depend on individual's situation
  • Earnings grow tax-deferred until withdrawn
  • Contributions may be tax-deductible
  • Distribution may start as early as age 59 ½
  • In a qualifying hardship situation, you can withdraw penalty free. Ask for details.

Roth IRA

A  Roth IRA is a tax exempt retirement account. Contributions to Roth IRAs are not tax deductible when they are made; however, qualified distributions made during retirement years are tax free.

Prairie State Bank & Trust has trained IRA specialists who can educate you and offer you information on a Roth IRA. There are tax advantages to establishing a Roth IRA and you are encouraged to seek your tax professional for more information as to what these are for a Roth IRA.

Features

  • Contributions limits depend on individual's situation
  • Contributions can be withdrawn tax & penalty free at anytime after the account has been open five tax years and you are age 59½ or older
  • Earnings grow tax-deferred
  • There are no minimum withdrawal requirements
  • In a qualifying hardship situation, you can withdraw penalty free. Ask for details.

Coverdell Education Savings Account

Prairie State Bank & Trust has trained IRA specialists who can educate and offer you information on the Coverdell Education Saving Account (CESA). A great way to pay for higher-education expenses with tax free withdrawals.

Features

  • Contributions limits are $2,000 per child
  • Used for elementary and secondary school expense
  • Non-individuals, such as corporations may act as contributors
  • Contributions and distributions from CESAs and prepaid state tuition programs may be used in the same year
  • Withdrawals for qualified higher-education expenses are tax free