Retirement Accounts

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Save Now, Live the Life You Want Later

Thinking about retirement can inspire both excitement and worry. “I’m looking forward to retirement, but I don’t know if my savings will last.”

State Bank of Herscher is here to help. We offer two kinds of individual retirement accounts, or IRAs. Not only does an IRA provide a specific place to save money meant for retirement, but also it allows your money to grow through compound interest.

There are numerous differences between traditional IRAs and Roth IRAs.  Please consult your tax advisor to determine which IRA best suits your unique financial situation.

Features of Our Savings IRAs

  • Minimum deposit of $100 to open an account.
  • Interest is compounded quarterly and credited on the last day of each calendar quarter.
  • Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account quarterly.
  • There is a $100 minimum daily balance required.
  • Premature distributions will be assessed a $25 fee.
  • If you withdraw any principal before the anniversary date, a penalty equal to three months interest will be charged to your account.
  • You will have a grace period of 10 calendar days after the anniversary date to withdraw funds without being charged a penalty. Premature distribution fee still applies.
  • There is no withdrawal fee for one withdrawal per calendar month for a normal distribution for customers over age 59.5. There is a $10.00 fee for subsequent withdrawals during any calendar month.

Stop by either State Bank of Herscher office in Herscher or Limestone to open your IRA account today!


Plan for Your Retirement Today!

Use our Retirement Calculator below to see how much you’ll need to save for retirement.

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