We’ve Got An Investment Product To Meet Your Needs
When it comes to saving for a secure retirement or making your money work harder for you in the short term, we’ve got an investment option that may be right for you. Call one of our Personal Bankers at 615-327-9787.
Certificates of Deposit
Our Certificates of Deposits offer guaranteed yields, flexibility, and the safety of FDIC insurance. That’s because you lock in a high yield that’s guaranteed from the day you open the account until the day it matures. You know exactly what return you’ll get and when you’ll get it. We offer Certificates of Deposit in a broad range of maturities, each designed with a particular goal in mind. And, for as little as $500, you can open your own CD. Request a CD quote from one of our Personal Bankers today.
- Short-Term CDs. Short term savings certificates, 3 months, offer you the fastest, readiest access to your money.
- Medium-Term CDs. Our 6 to 18 month medium-term CDs offer you higher yields than shorter term CDs.
- Long-Term CDs. If you have a long-term outlook, our CDs with maturities of 2 years or more reward you with the highest yields we have to offer.
Individual Retirement Accounts
Is an IRA Right For You? Then call one of our Personal Bankers today at 615-327-9787 or Click here for more contact options. You might also be able to save on your present taxes with an Individual Retirement Account, by deducting your qualified contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether you’re an active participant in an employer sponsored plan as defined by the Internal Revenue Service.
With an Individual Retirement Account, you may also be able defer taxes until you retire when you will probably be in a lower tax bracket. The chart below shows you how much you may be able save each year. You may want to consult your tax advisor to review the tax deductible status of an IRA. Regardless of the amount you’ll be able to save now on taxes, an IRA is a smart way for you to save for a secure retirement.
IRA Tax Savings Potential Chart:
|IRADeductible Contribution Amount||15 %Tax Bracket Savings||28 %Tax Bracket Savings||31 %Tax Bracket Savings||36 %Tax Bracket Savings||39.6 %Tax Bracket Savings|
|$ 500||$ 75||$ 140||$ 155||$ 180||$ 198|
|$ 1,000||$ 150||$ 280||$ 310||$ 360||$ 396|
|$ 2,000||$ 300||$ 560||$ 620||$ 720||$ 792|
|$ 2,250||$ 337||$ 630||$ 697||$ 810||$ 891|
|$ 4,000||$ 600||$ 1,120||$ 1,240||$ 1,440||$ 1,584|
If You’re Changing Employers, An IRA Rollover Makes Sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover. You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% (20 percent) withholding and possibly other penalties as well. For more information about IRA Rollovers or opening a new IRA just give us a call at 615-327-9787.
Early Distribution, No known exception: If you are younger than age of 59 1/2, you may be subject to a 10% (10 percent) early withdrawal penalty tax unless you properly roll over the assets within 60 days (or 120 days in case of the return of a first-time home buyer distribution), or unless you meet an exception. The exceptions are for distributions used to pay for a:
- Higher Education Expense
- First-Time Home Purchase
- Medical Expense
- Heals Insurance Premium
- Qualified Reservist Distribution
Early Distribution, Exception applies: The following types of distributions are automatically exempt from the 10 percent early distribution penalty tax:
- A distribution made to satisfy an IRS levy
- Distributions based on an election to receive substantially equal periodic payments for the greater of five-year period or until you obtain age 59 ½
Additional Early Withdrawal Penalties: A penalty will be imposed for withdrawals before maturity. The penalty will be an amount equal to 90 days interest on the amount withdrawn.