Certificate of Deposits / Individual Retirement Accounts

Certificates of Deposit

Special - 19 Month Relationship CD – New Money Only* 1.86% APY**

*Available to individuals with a personal checking account at PSB&T opened before March 31, 2018. Funds deposited into this Certificate of Deposit must be new money to the bank and not existing in any maturing Certificate of Deposit or other deposit accounts. Call us, or stop by your branch, to find out more.

**The annual percentage yield (APY) assumes quarterly interest payments will remain on deposit until maturity. 

$1,000 Minimum deposit required.  $250,000 Maximum deposit allowed per household.
At maturity, 19 month term will automatically renew to 18 month term.
A penalty may be imposed for early withdrawal.
APY accurate as of April 9, 2018.

 

  

Certificates of Deposit are investments that will earn higher interest than Savings or Money Market Accounts for funds you do not intend to use for an extended period of time. With the investment terms ranging between 3 months and 60 months, you will be able to invest for the time periods that fit your needs. When each certificate matures, it will automatically renew if you choose not to reinvest the funds in a different term, add additional funds to the certificate, or have a need for the funds.

Experience the advantages of relationship banking. At PSB&T we reward our personal deposit customers who maintain an average daily balance of $1,000 or higher on our Relationship CD, designed just for PSB&T customers whose personal checking and or savings account has regular deposit and withdrawal activity.

With all certificates, a penalty may be imposed for early withdrawal prior to the maturity date. 

Individual Retirement Accounts

Traditional IRA

A Traditional IRA is a tax deferred retirement account. Contributions to a Traditional IRA plan may be tax deductible depending on the taxpayer’s income, tax filing status and other factors.

Prairie State Bank & Trust has trained IRA specialists who can educate you and offer you information on a Traditional IRA. There are tax advantages to establishing an IRA and you are encouraged to seek your tax professional for more information as to what these are for a Traditional IRA.

Features

  • Contributions limits depend on individual's situation
  • Earnings grow tax-deferred until withdrawn
  • Contributions may be tax-deductible
  • Distribution may start as early as age 59 ½
  • In a qualifying hardship situation, you can withdraw penalty free. Ask for details.

Roth IRA

A  Roth IRA is a tax exempt retirement account. Contributions to Roth IRAs are not tax deductible when they are made; however, qualified distributions made during retirement years are tax free.

Prairie State Bank & Trust has trained IRA specialists who can educate you and offer you information on a Roth IRA. There are tax advantages to establishing a Roth IRA and you are encouraged to seek your tax professional for more information as to what these are for a Roth IRA.

Features

  • Contributions limits depend on individual's situation
  • Contributions can be withdrawn tax & penalty free at anytime after the account has been open five tax years and you are age 59½ or older
  • Earnings grow tax-deferred
  • There are no minimum withdrawal requirements
  • In a qualifying hardship situation, you can withdraw penalty free. Ask for details.

Coverdell Education Savings Account

Prairie State Bank & Trust has trained IRA specialists who can educate and offer you information on the Coverdell Education Saving Account (CESA). A great way to pay for higher-education expenses with tax free withdrawals.

Features

  • Contributions limits are $2,000 per child
  • Used for elementary and secondary school expense
  • Non-individuals, such as corporations may act as contributors
  • Contributions and distributions from CESAs and prepaid state tuition programs may be used in the same year
  • Withdrawals for qualified higher-education expenses are tax free