Personal IRA

 
12 Month IRA Certificate
18 Month IRA Certificate
30 Month IRA Certificate
Account Specifics
Minimum Deposit
$100.00
$100.00
$100.00
Fixed or Variable Rate
Fixed Rate 

See Current Rates

Fixed Rate 

See Current Rates

Fixed Rate 

See Current Rates

Special Features

12, 18, or 30 Month

  • Your account will mature in 12,18, or 30 months.
  • $500.00 opening deposit must maintain this balance to earn the APY.
  • Interest will be paid semi-annually.
  • The interest rate and annual percentage rate will not change and will be in effect until this account matures.
  • This account will be automatically renewable.
  • We accept rollovers from qualified employer plans.
  • A penalty may be imposed for early withdrawal.

DIFFERENCES BETWEEN A TRADITIONAL IRA and a ROTH IRA

Traditional IRA - The traditional IRA is an account that allows you to defer taxes on the earnings on your contributions until they are withdrawn. Also, certain contributions are tax deductible in the tax year for which they are made.

Roth IRA - The Roth IRA allows only nondeductible contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, if you expect to be in a higher tax bracket when you retire you may benefit more from a Roth IRA than from a traditional IRA.
 

IRA Contribution Limits
Tax Year
Contribution Limit
Catch-Up Contribution^ Limit
Contribution Limit for Age 50 and Over
2002
$3,000.00
$500.00
$3,500.00
2003
$3,000.00
$500.00
$3,500.00
2004
$3,000.00
$500.00
$3,500.00
2005
$4,000.00
$500.00
$4,500.00
2006
$4,000.00
$1,000.00
$5,000.00
2007
$4,000.00
$1,000.00
$5,000.00
2008
$5,000.00
$1,000.00
$6,000.00
2009 and beyond
$5,000.00 + COLA +
$1,000.00
$6,000.00 + COLA +

^Catch-up Contribution allows for make up for lost retirement savings for any individual who reaches age 50 or older by the end of his/her taxable year.
+COLA- Cost of living adjustments

CONTRIBUTION LIMITS (more...)

  • Please contact your tax advisor when determining which account is best for you. We are unable to give any tax advice.
  • There are substantial penalties for early withdrawal, for more information contact Chelle Shively at 217-763-2741.
  • See Current Rates

Click here to read more about IRA contribution limits. Please remember State Bank of Cerro Gordo is unable to give any tax advice. Please contact your tax advisor when determining which account is best for you.

 

 
 
     
                      
     
 
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