Savings Accounts

Regular Savings

• $100.00 minimum balance to open
• $200.00 minimum balance to avoid imposition of service charges
• Interest will be compounded daily and will be credited to your account quarterly
• Interest rate and annual percentage yield may change at any time
• We use the daily balance method to calculate the interest
• Transfers from a Savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to nine per statement cycle (with no more than six per month).

Fees:  A service charge fee of $5.00 will be imposed every statement cycle if the balance in the account falls below $200.00 any day of the cycle.  An item fee of $1.00 will be charged for each withdrawal in excess of six during a statement cycle.

Certificates of Deposit

A Certificate of Deposit is a non-negotiable, interest-bearing time deposit. Funds are locked-in for a set term and rate, thereby earning a higher yield.  Marion State Bank offers fixed rate CDs for variety terms and rates.  CDs are automatically renewable. 

• $1,000.00 minimum balance to open
• Interest will be credited to your account at maturity.  Alternatively, you may choose to have interest paid to you or to another account every month rather than credited to this account.
• We use the daily balance method to calculate the interest on your account.  This method applies a daily periodic rate to the principal in the account each day.
• CD rates are tiered by the amount and time of the CD. 
• Terms range from 3 months to 60 months
• A penalty will be imposed for early withdrawal
• Redeemable on day of maturity or within 10 days after maturity

Contact our New Accounts Department for further information on terms, rates, interest payments, and penalties on all CDs.

Individual Retirement Account

Traditional IRA

A Traditional IRA is a special tax deferred savings plan authorized by the Federal Government to encourage you to accumulate money for retirement.  Individuals who are under 701/2 years of age for the entire tax year and have earned income, is eligible to establish or contribute to a traditional IRA.

• $500.00 minimum balance to open
• Interest will be compounded daily
• Interest will be credited to your account quarterly
• Interest rate and annual percentage yield may change at any time
• We use the daily balance method to calculate the interest on your account.  This method applies a daily periodic rate to the principal in the account each day.

Contact our New Accounts Department for further information on terms, rates, interest payments, contributions, and distributions on all IRAs.

For legal and tax advice please contact your tax advisor.

Roth IRA

A Roth IRA allows only nondeductible contributions but features tax-free withdrawals for certain distribution reasons after a five-year holding period.  The term “tax-free” means free from federal income taxes.  There are two requirements for eligibility to contribute to a Roth IRA:  you must have earned income and your modified adjusted gross income cannot exceed certain limits.

• $500.00 minimum balance to open
• Interest will be compounded daily
• Interest will be credited to your account quarterly
• Interest rate and annual percentage yield may change at any time
• We use the daily balance method to calculate the interest on your account.  This method applies a daily periodic rate to the principal in the account each day.

Contact our New Accounts Department for further information on terms, rates, interest payments, contributions, and distributions on all IRAs.

For legal and tax advice please contact your tax advisor.

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