Individual Retirement Accounts

A perfect supplement to social security or pension funds. We offer both Roth and Traditional IRAs, each having unique qualification requirements and different tax treatments.

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*Please consult your tax advisor regarding eligibility and deductibility of an Individual Retirement Account. Eligible savers can save up to $6,500 annually with tax advantages (an individual can contribute up to $6500.  $5500 for current year and $1000 for catch up.)

Traditional IRA
If you are younger than age 70 ½ for the entire tax year and have compensation, you are eligible to make an annual tax-year contribution to a traditional IRA. You are eligible even if you already participate in certain government plans, a tax sheltered annuity, a simplified employee pension (SEP) plan or a Savings Incentive Match Plan for Employers (SIMPLE), or a qualified pension or profit-sharing plan established by an employer.

The traditional IRA allows you to defer taxes on the earnings on your contributions until they are withdrawn. Certain contributions are tax deductible in the tax year for which you make them.


Roth IRA

A Roth IRA allows only nondeductible contributions but 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, if you expect to be in a higher tax bracket when you retire, you may benefit more from a Roth IRA than from a traditional IRA.


Savings Incentive Match Plan (SIMPLE)

A SIMPLE, or Savings Incentive Match Plan for Employees of Small Employers, is a salary reduction arrangement similar to a 401(k) plan. However, SIMPLE contributions are deposited into a unique SIMPLE IRA. This IRA can only accept contributions under a SIMPLE. No other IRA contributions are permitted.


Simplified Employee Pension (SEP)

Simplified Employee Pension plans (SEPs) can provide a significant source of income at retirement by allowing employers to set aside money in retirement accounts for themselves and their employees. Under a SEP, an employer contributes directly to traditional individual retirement accounts (SEP-IRAs) for all employees (including the employer). A SEP does not have the start-up and operating costs of a conventional retirement plan and allows for a contribution of up to 25 percent of each employee’s pay.

  •  Small business owners may consider the SEP or Simple IRA plan as a means of providing retirement savings for yourself and your employees. 

 

Certificates of Deposit

Certificate of Deposit is a deposit contracted to leave your money on deposit for a specific period of time for a specific rate. Generally, the longer the money is left on deposit, the higher the interest rate.

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*Interest penalties exist for withdrawal prior to the maturity date.

 

Planters First Bank offers highly competitive rates and they are guaranteed for the entire term, regardless of changes in the market conditions.

  • $500.00 Opening Deposit Required
  • If you would like to  receive the interest income as you earn it, Funds may be credited to a Planters First Bank account or an interest checks will be mailed directly to you at maturity or as agreed upon. To grow your investment  faster, simply leave the compounded interest in the account to accumulate.

 

 

Because our interest rates vary from product to product, please click on the “Contact Us” and input the data in the inquiry fields and a Customer Service Representative will respond with details about our current interest rates. You may also stop by one of our locations for more information about CDs.