Savings

Opening Deposit Required: $5 $10 $100
(Students and Seniors may open with less.)
$10 $25,000 $100
Minimum Balance Fee: No minimum balance fee. No minimum balance fee. Above $100 No Charge
Below $100 $5 per month
(Fee waived for students and seniors.)
No minimum balance fee. Below $25,000
Fee of  $25
No minimum balance
Fees
Transaction Limitations: Check made for withdrawal at the end of the term in October. Check made for withdrawal at end of term in April to first of May. Three withdrawals per month before fees imposed but other transaction limitations apply. Three withdrawals per month before fees imposed but other transaction limitations apply. Three withdrawals per month before fees imposed but other transaction limitations apply. Unlimited Transactions
Interest Paid: Yes

Interest credited to account at maturity, no compounding.
Yes

Interest credited to account at maturity, no compounding.
Yes

Compounded and credited quarterly.
Yes

Compounded and credited quarterly.
Yes

Variable interest rate, compounded and credited monthly.
If balance falls below $25,000 interest is not paid.
Yes

Interest bearing-tiered rate. Compounded monthly.
and credited to the account.
Account Note: The amount that you choose will be transferred from a checking or savings account weekly. The amount that you choose will be transferred from a checking or savings account weekly. - - - High Deductible Health as Required

The following services are FREE with each account.

  • 24 HR Phone Access (FreedomLine24)
  • Internet Banking
  • Notary Service


Individual Retirement Accounts (IRA)

Roth IRA

The principal amount of Roth IRAs are not subject to taxes or penalties, as long as you stay within the contribution guidelines. If you do not withdraw any earnings until you have had a plan for at least five years, and satisfies at least one of the qualifying events, those tax-deferred earnings become tax-free.

The amount you contribute may vary from year to year according to your income. For more information contact a customer Service Representative.

The following are features of the Roth IRA:

  • Distributions may be made if the following circumstances are met:
    • Attainment of age 59 1/2
    • Disabled
    • Purchase of first home
    • Death
    • Five years lapse from the first year in which a contribution was made
  • If the above requirements are not met, any earnings you draw from your Roth may be subject to early withdraw penalty as well as tax ramifications. Any contributions made by account holder are removed first before distribution penalties apply.
  • No required minimum distribution age as with a traditional IRA
  • Under certain conditions, traditional IRAs may be converted to Roth IRAs

There is a minimum opening deposit of $100 for Roth IRAs

Fixed IRA

Fixed IRAs allow you to make tax-deductible contributions to an account which accrues interest of capital gains on a tax-deferred basis until they are withdrawn at your retirement. You must start receiving distributions from your account by April 1 of the year following the year in which you turn age 70 1/2.

The following are features of the Fixed IRA:

  • Interest accrues daily and reinvested into the account semi-annually
  • At age 59 1/2, an interest payment option may be chosen
  • Withdrawals are not allowed until maturity without substantial penalties by IRS and tax ramifications

There is a minimum opening deposit of $500 for Fixed IRAs

Variable IRA

The variable IRA is basically the same as the fixed IRA, with the exception of the interest rate being variable.

The following are features of the Variable IRA:

  • Interest is reinvested into the account monthly
  • At age 59 1/2, an interest payment option may be chosen
  • Withdrawals are not allowed until maturity without substantial penalties by IRS and tax ramifications
  • There is a minimum opening deposit of $500 for Variable IRAs

Interest rate and annual percentage yield may change after account opening

Consult your tax advisor about any potential tax implications related to IRAs

Please contact a Customer Service Specialist today for more details about our Individual Retirement Account rates at the numbers below or click here to email us.

Lincoln County: 606.365.7098
Boyle County: 859.238.2265
Rockcastle County: 606.256.BANK (2265)