Certificates of Deposit &
Individual Retirement Accounts

 

The Citizens National Bank offers a wide range of CDs and IRAs with competitive rates that meet your needs. Get started by speaking to a Customer Service Representative at your local CNB branch.

Contact Us Calculators

Certificates of Deposit

Length of Term Options

7 Days – 60 Months

Minimum Opening Deposit

Term < 91 Days: $5,000.
Term > 91 Days: $500.
Term = 2-Step 15 Month: $5,000.

Renewal Terms

Same term as COD

Grace Period

10 Calendar Days After the Maturity Date

Interest Payment

Compounded, credited to named account or paid by check

Interest Calculated

Daily Balance Method

Early Withdrawal Penalty

Term < 365 Days = 90 Days Interest on Amount Withdrawn
Term > 365 Days = 180 Days Interest on Amount Withdrawn

Exceptions: We are permitted to allow an early withdrawal and waive the above penalty if:

  • Any account owner dies or is declared incompetent.
  • This is an IRA or Keogh account and you are at least 59 ½ years of age or disabled at the time of the withdrawal request.
  • This is an IRA or Keogh account and the request for withdrawal is made within seven days of establishing the account. (The penalty in such case will be all interest earned on the amount withdrawn.)

Individual Retirement Accounts

The Citizens National Bank is pleased to offer a wide variety of Individual Retirement Account Products.

  • Traditional (regular) IRA
  • Roth IRA
  • Conversion Roth
  • Rollovers
  • SEP (Simplified Employee Pension) IRA
  • SIMPLE (Savings Incentive Match Plan for Employees)
Traditional IRAsRoth IRAsRollover IRAs

Eligibility:

     
Age

Under 70 1/2 - earned income 

None - earned income

 

Tax Advantages:

Contributions may be tax deductible 

   
 

Tax-deferred growth 

Tax-free* growth 

Account continues to grow tax-deferred 

 

No taxes on earnings until withdrawn (when you may be in a lower tax bracket)

Tax-free* at retirement 

No taxes on earnings until withdrawn (when you may be in a lower tax bracket) 

Maximum Contributions:

See IRS Guidelines 

See IRS Guidelines

See IRS Guidelines

Withdrawals:

     

Taxable

Yes, as ordinary income 

No, tax-free*

Yes, as ordinary income

Penalty-free**

If you're over age 59 1/2 (or certain exceptions may apply)

Contributions can be withdrawn at anytime (not earnings)

If you're over age 59 1/2 (or certain exceptions may apply)

   

Earnings if over age 59 1/2

 

Required Minimum Distributions

Yes, at age 70 1/2

None

Yes, at age 70 1/2

Bank Deposit Options:

FDIC Insured
Certificates of Deposit

FDIC Insured
Certificates of Deposit

FDIC Insured
Certificates of Deposit

* If withdrawn after age 59 1/2 and the account has been open for 5 years or more (begins with tax year of the first contribution)
** Withdrawals made from a bank certificate of deposit before the maturity date may result in substantial penalty.
(Please consult your Tax Advisor for information on which product is right for you)

 

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