Austin County State Bank Personal Banking 

Personal Banking Time Deposits & IRAs

Time Deposits

  • $1,000.00 Minimum to open
  • Available Terms - 31 days to 5 years
  • Withdrawals are allowed during Certificate of Deposit grace periods
  • Penalty for early withdrawal
  • Fixed Rate
  • Interest may be paid quarterly, monthly, or at Maturity; by check, ACH, deposit to another account, or added back to the certificate.
  • Bonus Rates for Golden Checking customers
  • Automatically Renewable

IRAs

Think of us for IRA's & Retirement!!

If you have earned income, you may be able to take advantage of an IRA from Austin County State Bank. Annual or periodic contributions are allowed. Contributions are allowed up to the tax filing date, without extensions. Tax-free rollovers and transfers are also welcome. There are no set-up or annual service charges, and owners and beneficiaries enjoy various payout options.

Individual Retirement Account (IRA)

  • Must have earned income
  • Annual or periodic contributions allowed
  • Choice of terms for your investment, fixed rate
  • Contributions are allowed up to the tax filing date, without extensions
  • Tax-free rollovers and transfers
  • No setup or annual service charges
  • Various payout options for owners and beneficiaries

Traditional IRA

If you are under 70 ½ years of age, consider the Traditional IRA. Contributions are tax-deductible (subject to certain Modified Adjusted Gross Income limitations) and interest earned is tax-deferred. Enjoy penalty-free distributions after age 59 1/2. You can actually get penalty-free distribution to pay certain higher education expense or for first-time home purchases.
  • Limited to individuals under 70½ years of age
  • Tax-deductible contributions subject to Modified Adjusted Gross Income (MAGI) limitations.
  • Interest is tax-deferred
  • Penalty-free distributions at age 59½, higher education expenses or first-time home buyer (additional reasons apply), death, and disability.
  • Mandatory distribution requirements begin at age 70½

Roth IRA

  • No age requirements
  • Contributions subject to Modified Adjusted Gross Income limitations
  • Qualified distributions are penalty and tax-free if funds meet a five year holding period at age 59½ or first time home buyer
  • No mandatory distribution requirements

Coverdell Education Savings Account (CESA)*

  • Used for qualified primary, secondary, and higher education expense
  • Contributor must meet MAGI limitations
  • Designated beneficiary must be under 18 years of age
  • Funds must be distributed by age 30
  • Unused funds may be rolled over to family members
*Formerly referred to as Education IRA.