CDs
31-DAY CD:
- $2,500.00 minimum deposit to open
- Unlimited deposits and withdrawals, as long as the balance does not fall below $2,500.
91-DAY CD-5 YEAR CD:
- $1000.00 minimum deposit to open
- Funds are locked in until maturity date
- A penalty will be charged for early withdrawals
Last Updated: November 10, 2022
| Term | Interest Rate | Annual Percentage Yield (APY) |
|---|---|---|
| 31 Day CD | 1.00 | 1.00 |
| 91 Day CD | 1.00 | 1.00 |
| 182 Day CD | 1.85 | 1.85 |
| 12 Month CD | 2.10 | 2.10 |
| 24 Month CD | 2.25 | 2.25 |
| 36 Month CD | 2.35 | 2.35 |
| 48 Month CD | 2.45 | 2.45 |
| 60 Month CD | 2.55 | 2.55 |
IRAs
Both types of IRAs have advantages, but the main difference between Roth and Traditional IRAs is in the timing of tax advantages. With Roth IRA’s, you pay taxes on contributions, and get tax free withdrawals later; with Traditional IRA’s, you deduct contributions, but pay taxes on withdrawals later. The simplest comparison between the two could be explained as Pay now vs Pay later.
| Roth | Traditional |
|---|---|
| Income limite to be eligible * | No income limits to open |
| Contributions are not tax deductible | Contributions are tax deductible on state and federal income tax * |
| No mandatory distribution age | Mandatory withrawals required at age 72 |
| Earning are tax free at withdrawal * | Earnings are tax deferred until withdrawal |
* Subject to some conditions. Consult a tax advisor
Last Updated: November 10, 2022
| Term | Interest Rates | Annual Percentage Yield (APY) |
|---|---|---|
| 1 Year Term | 2.10 | 2.10 |
| 2 Year Term | 2.25 | 2.25 |
| 3 Year Term | 2.35 | 2.35 |
| 4 Year Term | 2.45 | 2.45 |
| 5 Year Term | 2.55 | 2.55 |
For more information on any of the accounts offered at Citizens National Bank, contact Brenda Vernon, Geanna Johnson, or Sierra Trevino in New Accounts, at 325-643-3545.