CD's | IRA's | HSA's


Investments are an important part of a person’s financial success. We want to help you find an investment program that will best fit your needs and goals. At Glenwood State Bank, we offer many different ways to grow your finances. Through our competitive rates and expertise, we will help you arrive at a place, financially, that you will feel great about!


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Certificate of Deposit (CD)

  • $500.00 minimum opening deposit required
  • Time deposits with terms from 7 days to 5 years
  • Tiered interest rates available based on total deposits or balances over $10,000, $25,000, and $50,000
  • Interest compounded quarterly
  • Penalty imposed for early withdrawal

 


Individual Retirement Account (IRA)

  • Traditional IRA
  • Roth IRA
  • Simple IRA
  • SEP (Simplified Employee Pension Plans)
  • Profit Sharing Plans

 

Choose Your Retirement Option:

VARIABLE

  • Funds are invested in a Personal Savings account
  • Interest compounds daily and is credited monthly
  • Deposits can be added at any time
  • The rate is variable and is subject to change daily

FIXED

  • Funds are invested in a Certificate of Deposit (CD)
  • Rate is determined at account opening and is fixed for the initial term of the CD. The rate may change upon maturity.
  • Interest is compounded and credited quarterly

 

Photo of a man and women drivingThe maximum annual contribution amount for account holders under the age of 50 to a Traditional and/or Roth IRA:

Tax Year      Amount
   2018         $5,500.00
   2019         $6,000.00

 

The maximum annual contribution amount for account holders age 50 and over to a Traditional and/or Roth IRA:

Tax Year      Amount
   2018         $6,500.00
   2019         $7,000.00

 


Health Savings Account (HSA)

A Health Savings Account (HSA) is a tax-exempt trust or custodial account, established exclusively for the purpose of paying qualified medical expenses for the account beneficiary, who is covered under a high-deductible health plan.

 

Health Savings Accounts work like a regular checking account and you can use a check or debit card to pay for qualified medical expenses. The funds in the account continue to grow tax-free, year after year.*

  • Competitive interest rates
  • Local service
  • Free HSA debit card
  • Check writing (first box free)
  • Monthly statements
  • Year-end reporting for tax purposes

 

High Deductible Health Plans:

Single Coverage

2018 minimum annual deductible: $1,350.00

2018 maximum annual out-of-pocket expenses: $6,650.00

2018 maximum contributions: $3,450.00

 

2019 minimum annual deductible: $1,350.00

2019 maximum annual out-of-pocket expenses: $6,750.00

2019 maximum contributions: $3,500.00

 

Family Coverage

2018 minimum annual deductible: $2,700.00

2018 maximum annual out-of-pocket expenses: $13,300.00

2018 maximum contributions: $6,900.00

 

2019 minimum annual deductible: $2,700.00

2019 maximum annual out-of-pocket expenses: $13,500.00

2019 maximum contributions: $7,000.00

 

HSA Catch-Up Contributions

2018 Age 55 and older: $1,000.00

2019 Age 55 and older: $1,000.00

 


 

CalculatorTry our Investment Goal Calculator to learn how to reach your financial goals!

 


*There are limits to how much money can be contributed to a Health Savings Account.