Long Term Savings

CDs
Do CDs make sense for me?
Generally, if you need access to your funds in less than 2-5 years, a CD is your safest, surest way to earn interest and guarantee that you won't lose principal.

Guaranteed yields don't mean you have to give up flexibility. And, if you maintain the CD until the maturity date, you are guaranteed not to lose principal.

Short Term CDs
Short term certificates, usually up to 3 months, offer you the fastest, readiest access to your money and earn higher returns than checking or regular savings accounts.

Medium Term CDs
Our 6 to 18 month medium-term CDs offer you higher yields than shorter term CDs.

Long Term CDs
If you have a long-term outlook, our CDs with maturities of 24 months or more reward you with higher consistent yields. These CDs make sure that cash is contributing to your overall goals.

IRAs

Individual Retirement Accounts allow you to accumulate tax-free earnings as you build a retirement nest egg. Even if you can't deduct your contribution at tax time, one of the many IRA options will provide solid, insured earnings until you need them at retirement.

Moving your IRA to State Bank of Spring Hill is also as easy as asking us to fill out a form to mail to your present IRA holder! Contact us today for help.

Types of IRAs
There are several types of IRAs, but the three most common are the Traditional, Roth and Education.

• Traditional IRA
  The traditional IRA is an account which allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions are tax deductible in the tax year for which they are made.
• Roth IRA
  The Roth IRA is a nondeductible account that 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, people who expect to be in a higher tax bracket when they retire may benefit more from these accounts than from a traditional IRA.
• Education IRA
  A tax-favored account for children under the age of 18. Distributions are tax-free and penalty-free if used for higher education expenses. Because of the $500 annual contribution limit, it's best to start these early.

Each of these IRA programs has distinct requirements for contributions, deductibility and withdrawals. To help you understand these better, we invite you to contact us for detailed information regarding your specific plans. To determine which IRA is most beneficial for you and your needs, consult with your tax accountant or attorney.

Buy Savings Bonds Online!

The news is that you can order Savings Bonds online without having to make a trip to the bank. U. S. Savings Bonds make a great gift for grandchildren, nieces & nephews, and anyone else who will appreciate your thoughts for their future.

Now, you can purchase savings bonds direct from the Bureau of Public Debt! Click here to buy savings bonds.