Passbook Accounts -
Individual Retirement Account (IRA) -
Certificate of Deposit (CDs)
Health Saving Account (HSA)
BancCentral National Association's Passbook Savings Account is a great way to start your own personal financial plan. They are also just right for encouraging children to work toward financial goals of their own.
- $50 opens this account for those 15 years and older
- $25 opens this account for those 14 years and younger
- $10 minimum average balance for the quarterly statement cycle to obtain the current Annual Percentage Yield (APY)
- Accounts below $10 minimum will not receive interest
- Nine withdrawals allowed during each quarterly statement cycle. A fee will be imposed for each withdrawal after nine per quarterly cycle. (Call for current fee schedule.)
- ATM accessible
- You may make six transfers from your account to another account or to third parties per month. These transfers will count towards the nine allowed per quarterly cycle.
- Fee imposed if balance drops below $10 for quarterly statement cycle.
- Fee imposed for dormant accounts. Call for more information concerning dormant accounts and/or a fee schedule.
Individual Retirement Account (IRA)
Everyone looks forward to a leisurely retirement, but an uncertain financial future can ruin the best-laid plans. BancCentral National Association IRA's can provide financial stability and safety. Start planning for your future today. BancCentral National Associations offers three types of Individual Retirement Accounts:
- Traditional IRAs -You may deposit up to $4,000.00 per year if under 50 years old or $5,000 if 50 years old or older in your traditional IRA. This may be done either by periodic deposits, or a lump sum. Earnings on IRA's are tax-deferred until you start making withdrawals. You may receive scheduled distributions without penalty from your IRA as permitted by rules governing IRA's. However, funds withdrawn from an IRA may be subject to both bank and IRS imposed penalties if you are not age 70 1/2 or older.
- ROTH IRAs -If you do not need the tax deduction of the Traditional IRA, the ROTH may be the one for you. Funds are not required to be withdrawn after 70 1/2. There is no tax on the funds when withdrawn on either principal or interest, if withdrawn after five years of deposit date.
- Coverdell Education Savings Account - This is a great way to plan ahead for your child's or grandchild’s educational expenses. With a minimum deposit of $2,000.00 per child, per year, you can be assured the funds invested will "brighten" the student's future.
- $500 opens this account
- After the account is opened, you may make deposits (contributions) to the account or receive scheduled distributions from the account as permitted by rules governing IRAs.
- You cannot withdraw from this account without our consent except on or after maturity. For accounts that automatically renew, there is a 10 day grace period after each renewal date when the account may be withdrawn from without an early withdrawal penalty. Otherwise, withdrawals are subject to an early withdrawal penalty assessed by the bank.
- Interest earned during one term is added to the principal for the renewal term.
- This account cannot be pledged or assigned as collateral
- Fees are imposed for early withdrawal. Call for a complete fee schedule.
Certificates of Deposit (CD's)
BancCentral National Association offers a variety of CD's to fit your investment needs. Certificates are written with a fixed interest rate for the selected term. Certificate terms available are three, six, twelve, and eighteen months.
- $500 opens the account
- CDs can be set up to be either single maturity or automatically renewable. Call for more information to decide which is best for you.
- After the account is opened, you cannot make deposits during a term, other than credited interest.
- You cannot withdraw principal from this account without our consent except on or after maturity.
- For accounts that automatically renew, there is a 10 day grace period after each renewal date during which withdrawals are permitted without a penalty
- Interest earned during a term can be withdrawn after the compounding and crediting of the interest to your account; however, it will reduce the earnings.
- Interest earned during one term that is not withdrawn during or immediately after that term is added to principal for the renewal term.
- Fees are imposed for early withdrawal. Call us for a complete fee schedule.
Health Savings Account (HSA)
- HSAs were created by Congress to combat rising medical costs by providing an incentive for more consumers to pay "first-dollar" medical expenses.
- An HSA is an IRA-like account that is designed exclusively for covering medical expenses incurred by the HAS account beneficiary (the person who establishes the account) and his/her dependents.
- Sole proprietors and others who are self-employed can have an HSA.
- HSAs are available to individuals covered by a high deductible health plan (HDHP) regardless of whether the person is self-employed or employed by a small employer and regardless of whether their employer maintains the HDHP.
- Call today for complete details and to see if you qualify.