CDs & IRAs

Saving for short term or long term goals, First National Bank has the convenient and worry-free options at competitive rates.  Call one of our friendly customer service representatives to discuss which solutions are the best ways to make your money grow.

Choose from any of the following options to learn more about what First National Bank can do for your investment portfolio:

 

FAQ on IRA Transfers and Rollovers

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It's easy to move your IRA to First National Bank. Whether a Roth or Traditional IRA, you can move existing IRA money as follows:

Transfers

You can come into our office, establish an IRA account with us, and complete a transfer form. This form is then sent to the institution that currently holds your funds. After receipt, the funds are sent directly to us for deposit into your account. The IRS places no limits on transfers and no part of this transaction is reported to the IRS.

Rollovers

To complete a rollover, you take the funds from one institution and deposit into another institution. A rollover may be done once per year and the deposit must be completed within 60 days of distribution from the first institution. A rollover is also used when moving funds from a qualified pension plan to a Traditional IRA.

Distributions

When you withdraw money from a retirement account, it is called a distribution. Distributions from a Traditional IRA are reported to the IRS as income and as such, may be subject to income tax. There may also be IRS imposed penalties except under special circumstances such as death, first time home purchase, disability, education and reaching age 59½. Distributions from a Roth IRA have more complex tax implications. You should speak with your tax advisor, accountant or attorney before proceeding with this type of transaction.

Required Minimum Distributions (RMD)

RMDs are a series of annual distributions that must begin during an IRA owner's lifetime or upon his/her death.  An IRA owner's first distribution year is the year he /she reaches age 70 1/2.  Each IRA owner is ultimately responsible for taking his/her RMDs.  Any penalties and resulting taxes for failure to satisfy an RMD fall on an IRA owner, not an IRA custodian/trustee.  Our representatives will be happy to assist in calculating your RMD if requested.

Certificates of Deposit (CDs)

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What is the advantage of a First National Bank Certificate of Deposit? Flexibility.

Do you like to invest short term? A First National Bank Certificate of Deposit is designed to suit your financial needs and objectives. Want to put some money into a CD for the long haul? We have great rates that let you get the most out of your money.

Interest can be deposited directly to your checking or savings account. We'll either send you a check or add the interest back into the amount of your CD, whatever your choice may be. The interest earned can be paid monthly, quarterly or semi-annually - the decision is up to you.

Contact us or give us a call for the latest rates.

Traditional IRAs *

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One of the most popular means of saving for retirement is an Individual Retirement Account or IRA. These accounts allow you to defer taxes on deposited earnings until they are withdrawn. Also, certain contributions are deductible in the tax year for which they are made and withdrawals can be made before age 59½ for the first-time purchase of a home or for higher education for children.

Requirements: If you are under the age of 70 1/2 for the entire tax year and have earned income (or your spouse has earned income), you are eligible to establish a traditional IRA.

Note: The IRS will impose a 10 percent premature distribution penalty on certain withdrawals made before you reach the age of 59-1/2.

* Consult with your tax advisor for specific tax benefits or penalties.

The Roth IRA is a non-deductible individual retirement account featuring tax-free withdrawals for certain distribution reasons after a five-year holding period. Roth IRA contributions are non-deductible and taxed in the year they are earned. Customers who expect to be in a higher tax bracket when they retire may benefit more from a Roth account than a traditional IRA.

The best part of a Roth IRA? You pay NO taxes on the earnings that your money has generated when the withdrawal is made after the five-year holding period for qualified reasons. With a Roth you can always get back your principal tax free and IRS penalty free for any reason.

Note: The IRS will impose a 10 percent premature distribution penalty on certain withdrawals made before you reach the age of 59-1/2.

* Consult with your tax advisor for specific tax benefits or penalties.

Educational IRAs *

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The Education IRA is a non-deductible account featuring tax-free withdrawals for a very specific purpose - a child's higher education expenses.

First National Bank's Education IRA looks very similar to both the Traditional IRA and Roth IRA as education distributions are permitted from these accounts as well.

The major difference is that distributions made solely for higher education are penalty and tax free. Earnings on an Educational IRA are tax free to both the parent and child.

Note: The IRS will impose a 10 percent premature distribution penalty on certain withdrawals made before you reach the age of 59-1/2.

* Consult with your tax advisor for specific tax benefits or penalties.

Online Banking

Use your personal computer to check account balances and retrieve historical information, transfer funds and make loan payments, and much more.

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Are You Hack Proof?

While there is no guarantee any amount of additional security will prevent you from being victimized, by being aware of what you share will build another line of defense between yourself and criminals. Click Go to see tips to keep your identity safe!

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Banking that lasts

With roots that have grown for over 110 years, First National Bank stands strong. Since 1904, we have been dedicated to growing a strong, lasting and prosperous community. Your Family, Your Future,Your Bank, is not just our slogan, it's who we are!

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