Personal Banking // CD & IRA

CERTIFICATE OF DEPOSIT

A Certificate of Deposit (CD) is a safe and secure way to invest your money. Your return will be your original deposit, plus the interest you earn. The interest paid to you depends upon the current interest and the length of time you choose to leave your money on deposit. You may choose to either compound your interest back into your certificate, receive a check or have the funds sent electronically to another account of your choice.

Features:

  • Maturity terms available from 30 days to 60 months
  • Fixed interest rate on daily balance until maturity
  • Interest accrued daily and compounded monthly
  • Internet access to your certificate of deposits
  • Ability to combine your certificate of deposit to your monthly checking account statement
  • $1000 minimum deposit to open the account (Special Promotions may require different minimum deposits).
  • Maturity notices are mailed 20 days prior to maturity.
  • Variable rates, rising rates or bonus rates may be offered during special promotions.
  • Interest may be compounded back into the CD, or you may receive a check, or have the funds electronically transferred to another account.
  • Check Writing is not allowed.
  • Your CD is automatically renewable. You will have 10 grace days after maturity to make changes to your CD.
  • CD information may appear on your combined statement or on your internet banking site.
  • Substantial early withdrawal penalties apply: Loss of 30 days interest on terms of 30 or 90 days, 90 days loss of interest on terms greater than 90 days and less than 24 months, 180 days loss of interest on terms 24 months or greater.

INDIVIDUAL RETIREMENT ACCOUNTS

Contributing to an American Bank & Trust Individual Retirement Account (IRA) is the perfect way to save for your retirement. Contributions may be made to a Traditional IRA or a Roth IRA. Each plan offers favorable tax treatment. A Traditional IRA contribution provides a tax deferred saving for its participants the year that the contribution is made, where the Roth IRA plan offers the tax savings at the time of distributions. IRA contributions are placed into IRA Certificate of Deposits with terms ranging from 12 months to 60 months. Contributions amount are set by the IRS and may change yearly. Contact any of our IRS Specialists for further information pertaining to our IRA’s.(Consult with you tax advisor for eligibility)

Features:

  • Maturity terms available form 12 months to 60 month
  • Fixed interest rate on daily balance until maturity
  • Interest is accrued daily and compounded quarterly
  • Contribution deposits may be made throughout the year. (Cannot exceed the IRS allowances)
  • $250 minimum deposit to open the account (Special Promotions may require different minimum deposits).
  • Variable rates, rising rates or bonus rates may be offered during special promotions.
  • Qualified distributions may be received by check, electronically transferred to another account with AB&T or any other account of your choice. Distributions may be taken monthly, quarterly or yearly at the owner’s discretion.
  • Early withdrawal of principal before the IRA’s maturity date is subject to the penalties set up by American Bank & Trust, unless the owner is 59 ½ (IRA Distribution age) and is taking a qualified distribution. (IRA Certificate of Deposits 12 months but less than 24 months, 90 days loss of interest. IRA Certificate of Deposits 24 months to 60 months, 180 days loss of interest).
  • IRA withdrawal of principal before maturity or interest is based on IRS rules governing IRAs.
  • IRA information may appear on your combined statement or on you internet banking site.
  • Maturity notices are mailed 20 days prior to maturity.
  • Your IRA is automatically renewable. You will have 10 grace days after maturity to make changes to your IRA Certificate of Deposit.

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