Personal Producers Bank & Trust > Savings

Save for a special purpose or strengthen your long-term goals. Producers has what you need to grow your money.

Regular Savings

  • Minimum to open $100
  • Transaction limits: Transfers to another account or to third parties by preauthorized, automatic or telephone transfer are limited to three per quarter.
  • Fees: $5 will be charged for each withdrawal, check paid, automatic transfer or payment out of this account for each transaction in excess of three during a quarterly statement cycle.

Certificates of Deposit

With guaranteed returns, our CDs are the smart way to grow your money.

  • Enjoy predictable growth with a CD as returns are not affected by market fluctuations.
  • Earn guaranteed interest on your CD – your money grows at a fixed rate throughout the term.
  • FDIC insured up to $250,000 per depositor.

IRAs

Individual Retirement Accounts are an ideal addition to your long‑term retirement strategy. Your retirement dollars will grow safely and securely with competitive rates and possible tax advantages (consult your tax advisor). 

A Traditional IRA (Individual Retirement Account) allows for tax-deferred growth, meaning taxes on investment gains are postponed until retirement. Contributions to a Traditional IRA may be tax-deductible, reducing your taxable income in the year you contribute. Visit the IRS website for detailed information on Traditional IRAs.

  • Contributions: You can contribute pre-tax or after-tax dollars to the account. There are annual limits on how much you can contribute to a Traditional IRA, which depend on your age.
  • Investment Growth: Any earnings on your investments within the Traditional IRA grow tax-deferred. This means you don’t pay taxes on the investment earnings until you withdraw the money.
  • Withdrawals: When you withdraw funds in retirement (typically at age 59½ or later), the withdrawals of deductible contributions and earnings are taxed as ordinary income. You generally must start taking Required Minimum Distributions from your Traditional IRA according to IRS guidelines on age.

A Roth IRA is a retirement savings account that allows you to contribute after-tax dollars. While you don’t get a tax deduction for contributions, your earnings and withdrawals in retirement can be tax-free, provided you meet certain requirements. Visit the IRS website for detailed information on Roth IRAs.

  • Contributions: Contributions are made with money that has already been taxed (after-tax dollars).
  • Investment Growth: Investments within the account grow tax-free.
  • Withdrawals: Qualified withdrawals in retirement are tax-free. This generally requires the account to be open for at least five years and the account holder to be at least 59½ years old. Contributions can be withdrawn tax and penalty-free at any time. No required minimum distributions (RMDs), allowing continued tax-free growth.

CESAs are designed to help families save and invest for a child’s educational expenses from elementary school through college. Visit the IRA website for detailed information on CESAs.

  • Contributions: Contributions to a CESA are not tax-deductible, but the earnings grow tax-free. There are maximum contribution limits per beneficiary, per year. There are also income limitations for those who contribute to the account.
  • Investment Growth: Investments within the account grow tax-free.
  • Withdrawals: Withdrawals are tax-free if used for qualified education expenses which can include tuition, fees, books, supplies, equipment, and sometimes room and board for K-12 and higher education.

A SEP IRA is a retirement savings plan primarily used by self-employed individuals and small businesses to save for retirement. It allows employers to make tax-deductible contributions to traditional IRAs established for themselves and their employees. Visit the IRA website for detailed information on SEPs.

  • Employer Contributions: SEP IRAs are funded solely by employer contributions, which are tax-deductible and subject to limitations on amounts.
  • Investment Growth: Contributions are tax-deductible, and investment earnings grow tax-deferred until retirement.
  • Withdrawals: Taxed as ordinary income if withdrawn after age 59 ½. You generally must start taking Required Minimum Distributions from your Traditional IRA according to IRS guidelines on age.

IRAs, CESAs and SEPs are available for an 18-month term with your choice of a fixed rate or variable rate, with interest capitalized on a quarterly basis. Please call or stop by any office to discuss your needs and current rates.

Please consult a tax professional and financial advisor to determine if an IRA or CESA aligns with your individual financial and retirement goals.

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We’re about building.