The Cattle National Bank & Trust Co. has a savings plan to fit your needs, whether you wish to save for special short-term goals or long range security. When our customers succeed we succeed. That is why we feel it is important that you understand your alternatives when it comes to savings plans and why we're here to assist you in structuring a plan to fit your needs and meet your goals. Furthermore, you'll feel secure knowing that your deposits are insured up to $250,000 by the Federal Deposit Insurance Corporation. That means that your investment dollars are GUARANTEED by an agency of the federal government up to the maximum amount allowed by law. See one of our Customer Service Representatives for additional information on FDIC insurance coverage.
Passbook Savings Accounts
For short-term goals plus convenience. Unlimited deposits and your money is always at your fingertips. The interest rate on Passbook Savings Accounts can change monthly and is determined at the discretion of the Bank. Interest is compounded and paid quarterly on the last day of each calendar quarter. The first three withdrawals per month are free from service charge regardless of how they are transacted.
Money Market Investment Account
A tiered rate investment account designed to keep your investment dollars earning current market rates. The interest rate on Money Market Investment Accounts can change monthly and is determined at the discretion of the Bank. Interest is compounded and paid monthly. There is limited check writing ability with this account and checks are automatically safekept.
Certificates of Deposit
Certificates of Deposit (CDs) are an essential part of all long term investment plans. From 3 months to 5 years, CDs of different maturities can be tailored to fit your needs and objectives. The rate of interest is guaranteed for the entire term of the investment. Our CDs are automatically renewable. Interest can be compounded quarterly or we can pay interest to you by check or with a deposit to your checking or savings. The minimum deposit to open a CD is $500. If you are in need of a specific CD maturity other than what we typically offer ask our Customer Service Representatives for a rate for the term you are looking for. Substantial penalty for early withdrawal.
Individual Retirement Accounts (IRAs)
It is never too soon to start saving for your retirement! An IRA is a tax-deferred savings plan that allows employed individuals (and their spouses) to accumulate funds for retirement up to the annual contribution limits. Qualifying persons may contribute up to $5,500 per year of their earned income. If the persons' spouse has no earned income they too can contribute up to $5,500 per year. Persons fifty or over may contribute an additional $1000 per year. For federal income tax purposes, qualifying contributions are deductible from gross income. Income taxes on the interest earned are also deferred until the funds are withdrawn. Withdrawals without IRS penalty can begin at age 59 1/2 and must begin by the age of 70 1/2. Withdrawals prior to this age limitation are subject to substantial penalties.
Contributions can be deposited to any fixed rate time open certificate of deposit account 12 months or greater. The interest rate on the fixed rate account is guaranteed for the entire term of the investment and interest is compounded quarterly.
Automatic Savings Plan
We believe that savings are a vital part of everyone's financial well-being whether for that rainy day, college funding or retirement planning. That is why we make funding an investment plan so easy. Automatic savings plans can be set up from your checking account on a weekly, bi-monthly, monthly or on a specific day basis. You set the amount and time and we automatically transfer the money from your checking to your savings account. As your savings dollars grow you'll want to invest the money in higher-yielding CDs to maximize your investment dollars.