Certificates of Deposit


With Certificates of Deposit (CDs) from the State Bank of Faribault, you're adding security to your portfolio. You'll enjoy guaranteed savings rates along with the added security of Federal Deposit Insurance coverage. As you may know, deposits are insured up to $250,000.00 per depositor at our bank.
  • Competitive interest rates
  • FDIC Insured
  • Special rates and terms offered periodically
  • Several interest payment options
  • Safety and stability
  • Various maturity options
How does a CD work?
A Certificate of Deposit can earn you some of the highest interest rates at our bank. You can earn these rates in exchange for keeping your money with us for a specified period of time, usually from 12 - 72 months. Upon opening a CD, you will receive an actual Certificate Receipt and Truth In Savings Disclosure that spells out the interest rates and terms, which you should keep in a safe place.




Individual Retirement Accounts (IRAs)

One way of saving for your future is to open an Individual Retirement Account. Never before have individuals had so many IRA Savings choices. Stop in and let our Personal Bankers assist you with opening one today.

Account types:
  • Traditional IRAs: The Traditional IRA allows you to defer taxes on the earnings on your contributions until they are withdrawn. Also, depending on eligibility, contributions are tax deductible in the tax year for which you make them.
  •  Roth IRA's: The Roth IRA gives retirement savers a different incentive-nontaxable distributions. Regular Roth IRA contributions are not tax deductible, so owners will not pay federal taxes on distributions of these certain contributions. Under certain conditions, the earnings on Roth IRA contributions are also nontaxable when distributed. 
  • SEP's:  A SEP IRA is a type of traditional IRA for self-employed individuals or small business owners. (SEP stands for Simplified Employee Pension.) Any business owner with one or more employees, or anyone with freelance income, can open a SEP IRA.
  • Simple IRAs: Savings Incentive Match Plan for Employees Individual Retirement Account, commonly known by the abbreviation "SIMPLE IRA", is a type of tax-deferred employer-provided retirement plan in the United States that allows employees to set aside money and invest it to grow for retirement.
 

CDARS

The State Bank of Faribault also offers placement of CDs through the CDARS Program.  This program offers:
  • Access to multi-million dollar FDIC insurance;
  • The ease of working through one trusted relationship, earning one rate per maturity, and receiving consolidated statements;
  • Power of daily compounding;
  • A finite maturity date ;
Stop in and ask for more information on the CDARS Program!
 
 

Check our competitive rates