We offer the tools to help reach your savings goals. Find out which option works best for you. One of our Personal Bankers will be more than happy to help you choose the plan that suits your expectations and financial needs.
For first time savers and those who want convenient access to their savings deposits, our FDIC-insured Regular Savings Account offers competitive interest rates on lower account balances. This account is an essential tool to help establish smart saving habits and to help grow deposits for special purchases or larger investments.
These accounts will offer you:
- Low minimum balance requirement
- Easy access through 24-hour Telephone Banking, Internet Banking and Mobile Banking
- Direct Deposit of payroll or retirement checks
- FDIC insured
- ATM Card is available upon request and subject to bank approval to access your funds.
Money Market Investment Account
If you’re looking for an investment account, but still want your funds accessible, consider a Money Market Investment account. A minimum deposit of $1000.00 is required to open this account. If you maintain a minimum balance, the monthly service charge is waived. The interest rate is based on the balance in the account.
Whatever is included on your holiday wish list, having the money to pay for it shouldn’t be wishful thinking. By saving regularly in your Jackson County Bank Christmas Club account, you’ll know that the money for the next year’s holiday travel, festivities and presents will be there — without worries about post-Christmas bills.
Small amounts saved regularly add up to a sizable sum. Just choose the amount you’d like to save each week and watch it grow in time for the Holidays.
You may have the amount automatically deducted from your checking account every week, two weeks or monthly. Saving through the year will also help eliminate or reduce the credit card debt normally associated with the holidays.
Certificates of Deposit
Jackson County Bank’s Certificates of Deposit offer you an opportunity to earn a higher rate of return on a safe and secure product at a fixed rate. We offer competitive Certificates of Deposit rates with terms from one month to five years. With so many choices, we’re sure to have a product with a term to meet your financial needs.
We also offer the convenience of having the interest you earn deposited directly into your choice of a checking or savings account, sent to you by check, or added back to the Certificate of Deposit.
Withdrawals prior to maturity may be subject to an early withdrawal penalty.
Goal Setter CD
The Goal Setter Certificate of Deposit is an alternate option for the consumer looking for the advantages of the regular savings accounts minimum deposit requirements but with a higher rate of return.
This CD has a 12-month or 16-month term, $100 minimum deposit to open, is automatically renewable and FDIC-insured.
Kids’ Kool Klub Savings Account
The Kids’ Kool Klub Savings is an account for children 12 and under. Accounts may be opened for as little as $10. It’s a great way to educate your children because it’s never too early to learn the benefits of savings:
- Helps develop strong savings habits
- Learn money management
- Begin to understand the true meaning of investing
Kool Klub Savings account holders are eligible for all the activities and benefits of the Kool Klub, including contests, newsletters and pictures with Santa and the Easter Bunny. Kool Klub members receive an official Kool Klub back pack and earn stickers and prizes for each deposit made to the account.
Individual Retirement Account (IRA)
Some define retirement as the beginning of your second life. More time for yourself and your loved ones to follow your dreams. However you see this time in your life, you’ll want it to be financially secure.
With legislation creating increasingly generous tax advantages for retirement accounts, there’s never been a better time than now to invest in your future with a Jackson County Bank IRA. We offer several products to help you meet your Retirement and Education Planning goals, including:
Traditional IRA (2017)
A Traditional IRA allows for a deposit of up to $5,500 for those who qualify and the earnings are tax-deferred until withdrawn. If you are 50 or older by the end of the year, an additional $1,000 may be contributed as a catch up contribution. This would allow for a total contribution of $6,500. To qualify for a Traditional IRA contribution you must be under the age of 70 1/2 and have earned income from employment equal to the amount being contributed.
Roth IRA (2017)
A Roth IRA allows for a deposit of up to $5,500 for those who qualify. The earnings are tax-deferred, and possibly tax-free, if a Roth IRA in the individual’s name has been opened for a minimum of five years and the occurrence of one of the following events:
- age 59 1/2
- first home purchase
If you are 50 or older by the end of the year, an additional $1,000 may be contributed as a catch up contribution. This would allow for a total contribution of $6,500. The requirement to qualify for a Roth IRA contribution is that the individual must have earned income equal to the amount being contributed. Roth IRA contributions may not be made by individuals with a Modified Adjusted Gross Income of more than $133,000, or married couples filing jointly with a Modified Adjusted Gross Income of more than $196,000.
Coverdell Education Savings Account
A Coverdell Education Savings account through Jackson County Bank is an investment tool for the purpose of paying for the future education costs of your child or grandchild. The plan allows total after-tax contributions of up to $2,000 per year, per child, until they reach the age of 18. The contributions you make, plus their earnings, are tax-free when used to pay for qualified education expenses.
A qualified education expense is any expense that is required for enrollment or attendance by your child at an eligible educational institution including: elementary, secondary or post-secondary schools. These expenses include: tuition, fees, books, supplies and equipment.
Savings Made Easy
More and more people are taking advantage of Direct Deposits and Automatic Transfers to help develop good savings habits and effectively manage their money and use their time more efficiently.
If your company offers Direct Deposit, see your payroll department for the needed authorization forms. It’s that simple. You can Direct Deposit payroll, Social Security and any other recurring deposits automatically into your account. You may also set up Automatic Transfers to distribute your funds between your various accounts with our Automatic Transfer Form.
If you have questions, please contact one of our Personal Bankers. They will help you with questions regarding your Direct Deposit or Automatic Transfer.