Security State Bank has a wide variety of Savings options available to meet your individual needs.
If you would like information on any of our Savings accounts, Certificates of Deposit (CDs), or Individual Retirement Accounts (IRAs), please see a customer service representative at any of our branch locations or telephone us at 360-736-0763 or 800-242-2036.
Savings Accounts*
A savings account allows you to keep extra money in a secure bank account while earning interest on the balance.
Security Saver (Personal Savings)
Minimum Balance to Open the Account – $100.00
Service Charge – A service charge of $6.00 will be imposed every quarter if the balance in the account falls below $300.00 any day of the quarter.
Minor Savings Account
A savings account for our customers age 13-20. This account will require an adult as a joint owner until age 18.
Minimum Balance to Open the Account – $10.00
Service Charge – There will be no service charge imposed on the account until the primary accountholder’s twenty-first (21) birthday. On their twenty-first birthday, the account will convert to our Security Saver account with its applicable fees, service charges, and guidelines.
Mailed Statement Fee – A fee of $3.00 will be imposed each statement cycle if the account is not successfully enrolled in E-Statements.
Excess Withdrawal Fee – An excess withdrawal fee of $2.00 will be charged for each over-the counter savings withdrawal in excess of nine during the quarter.
Money Market Deposit Accounts (MMDA)*
A Money Market Deposit Account is an interest bearing account, which earns a tiered rate of interest depending upon the balance in the account. Checks may be written on the balance of this account.
Minimum Balance to Open the Account – $100.00
Service Charge – A service charge of $10.00 will be imposed each monthly statement cycle if the average daily balance for the monthly statement cycle falls below $1,000.00.
Mailed Statement Fee – A fee of $3.00 will be imposed each monthly statement cycle if the account is not successfully enrolled in E-Statements.
Certificates of Deposit*
Security State Bank offers Certificates of Deposit at fixed rates for a variety of terms ranging from 32 days to 99 months. The main difference between a savings account and a CD is that early withdrawal from a CD in advance of a pre-specified term leads to penalty fees.
Is a Certificate of Deposit Right For You? Take the one-minute Certificate of Deposit test by clicking here.
Secure Your Future With An Individual Retirement Account*
Save for your future with an IRA at Security State Bank. There are different IRA options available, including the Traditional IRA, the Roth IRA, and the Coverdell Education Savings Account. The Traditional IRA is an account which allows you to defer taxes on your earnings until they are withdrawn. A Roth IRA is a nondeductible account that features tax-free withdrawals on contributions. There is a five year holding period for conversions and earnings. A Coverdell Education Savings Account is a nondeductible account that features tax-free withdrawals for a very specific purpose: a child’s higher education expenses, as well as elementary and secondary educational expenses including computer hardware and software (as long as educational in nature).
Security State Bank also offers Simplified Employee Pension (SEP) IRAs and Self-Directed IRAs.
A Simplified Employee Pension (SEP) plan is a retirement plan established by an employer, where the employer may contribute a certain percentage of each eligible employee’s compensation directly to the employee’s IRA.
Self-Directed IRAs are IRAs where the individual can direct the investments. Self-Directed IRAs are handled through our Trust Department, 360-330-2784.
Is an IRA Right For You? Take the One-Minute IRA Test and find out.
*For variable rate accounts, the rate may change after the account is opened. Fees could reduce the earnings on the account.
