CDs / IRAs

Certificates of Deposit (CDs)

With a Planters Bank Certificate of Deposit, you can earn guaranteed, higher-than-average interest rates to help your money grow! We can help you choose from various terms and rates. Unlike many investment options in the market, your Planters Bank CD is FDIC insured. See any Planters Bank customer service representative for assistance with your CDs.

Features:

Benefits:

• Interest Earnings – Interest rates vary according to investment amounts and terms, which affects your earnings. You can receive your earned interest in one of the following ways:
  • Check (your choice of monthly, quarterly, semi-annually or annually)
  • Direct Deposit – Automatically deposit interest earnings into any Planters Bank deposit account (your choice of monthly, quarterly, semi-annually or annually)
  • Reinvestment – Retain interest earnings within your CD (monthly or at maturity)
  Simply let your customer service representative know your preference for receiving interest earnings upon opening a new Certificate of Deposit.
• Term Flexibility – CDs are “time deposits” and can be negotiated for lengths of time to fit your personal financial strategy … but typically range from 6 months to 72 months.
• Laddering of CDs – A Planters Bank deposit representative can assist you in arranging multiple terms on your Certificates of Deposit to achieve desired liquidity and/or investment goals.

Individual Retirement Accounts (IRAs)

There are plenty of great reasons to build a financial nest egg of your own. After all, Social Security is not equipped to provide full retirement income for most U.S. Citizens. IRAs may appear to be more complicated than they are in reality. By establishing a consistent deposit pattern without withdrawing from your IRA funds, you will successfully build tax-sheltered balances for your future use that will be FDIC-protected.¹

IRA Types

There are several varieties of Individual Retirement Accounts. The following are some popular examples:

• Traditional IRA – Reduces taxable income in any given year upon making contributions … and earns interest tax-deferred until withdrawn in retirement.
• Roth IRA – Funded with after-tax income … but grows tax deferred with flexibility of when and how you make withdrawals after age 59 ½.
• SEP IRA – A Simplified Employee Pension plan is popular among self-employed and small business owners. A SEP plan is easier to set up and administer than most other employer-based retirement plans. Under certain rules, employees will qualify for SEP IRA contributions.
• Other IRAs – Consult with your tax advisor for guidance on various types of IRAs.

IRA Accounts

• Certificates of Deposit – Rates and Terms can be structured to best serve your individual objectives, usually from 6 months to 60 months.
• Money Market IRA (Tiered) – Providing more flexibility than a CD, you can add deposits at any time and in any amount … and automatically earn higher rates of interest with greater account balances. Five interest tiers – depending on your account balance – are calculated on total daily balance and credited monthly. Interest rates may re-price with the market.
  • 5 Interest Tiers – As your balance increases, your interest rate will automatically increase when you reach a higher tier.
    • Up to $9,999.99
    • $10,000.00-$24,999.99
    • $25,000.00-$49,999.99
    • $50,000.00-$99,999.99
    • $100,000.00 +
  • Statements – Quarterly paper statements. However, you may check your account balance(s) at any time via online banking, mobile banking or contacting a Planters Bank customer service representative.

FDIC Deposit Coverage

Summary of Insurance Limits – FDIC insurance covers customers with deposits at banks that have FDIC insurance. From the FDIC website, deposits include the following:

• Checking Accounts
• Savings Accounts
• Money Market Deposit Accounts (MMDAs)
• Time deposits such as Certificates of Deposit (CDs)
• Cashier’s checks and other official items issued by a bank

Standard FDIC deposit insurance includes coverage up to $250,000 per depositor, per FDIC-insured bank, per ownership category. This limit applies to the total for all deposits owned by an account holder. Visit the FDIC’s Electronic Deposit Insurance Estimator (EDIE) to learn more.

If you have multiple accounts, they are added together and insured to the limit. For example, if you have a $100,000 account, a $150,000 account, and a $50,000 account, equaling $300,000 in total, only $250,000 of this total will be insured. However, if you have a joint account (with, say a spouse), your limit is combined to $500,000.

Calculator: IRA

Calculator: Roth IRA

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¹ Consult a qualified tax advisor for details.