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CDs & IRAs

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Focus Your Savings Strategy

If you’re looking for accounts that allow you to maximize your savings strategy, Marion County Bank has options for you. From Certificates of Deposit (CD) accounts that allow you to focus your savings, to retirement accounts that allow you to start saving for when you’re working days are done, we provide you with options. Contact our offices to speak with our team about how a CD or IRA can help you.

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CDs – What You Need to Know

Marion County Bank CDs offer you the chance to grow your money by earning a better rate than you’ll find in traditional savings accounts. Here’s what you need to know about our CDs:

  • Minimum deposit of $1,000
  • Terms range from 3 months to 60 months
  • Funds are FDIC Insured up to $250,000
  • Multiple payout options at maturity
  • Interested compounded and credited at maturity, quarterly or semi-annually, depending on specific CD product
  • Early withdrawals are subject to penalty

Types of CDs offered at Marion County Bank

CD Type

What You Need to Know

Bump CDs

A bump CD allows you to take advantage if the rate goes up during your term. You can increase your annual percentage yield (APY) without altering other terms of the CD. In other words, you can “bump up” the interest rate during the CD’s maturity period.

Rate may be bumped once during term; bump must occur after first 6 months.

Build CDs

Our Build CD allows you to add money, such as your Christmas bonus or tax refund to your CD balance. Our Build CDs have an 18- and 24-month term and follow the same rates as the traditional 18- and 24-month CDs.

One deposit is allowed per calendar year and the minimum deposit is $1,000.

Access CDs

Access CDs gives you the option to withdraw without penalty! You may withdraw from your certificate once per calendar year and the amount withdrawn can be up to 10% of the current balance.  Our Access CDs are for 48 and 60 months and have the same rate as the traditional 48- and 60-month CDs.

Withdrawal allowed once per calendar year and cannot exceed 10% of balance.

$1,000 Minimum Deposit on all Bump, Build and Access CDs.  Interest compounded and credited semi-annually.  Bump, Build and Access CDs are not available on public funds.  Access and Build CDs are not available for IRA or HSA Accounts.  Subject to penalty for early withdrawal. 

IRA Options at Marion County Bank

IRA Type

What You Need to Know

Traditional IRA

Designed for straightforward retirement savings, this account is ideal for individuals with earned income. By contributing to a Traditional IRA, you can defer taxes on your earnings until withdrawal. Additionally, eligible contributions may qualify for tax deductions in the current tax year.

Roth IRA

Roth IRAs are an ideal choice for individuals with earned income who aspire to save for retirement, this account is particularly beneficial for those who might surpass the income limits of a Traditional IRA. With a Roth IRA, you can make nondeductible contributions and enjoy the perk of tax-free withdrawals.

*Consult Your Tax Advisor

cD & IRA account Disclosures

certificates of deposit

The interest rate for your account will be paid until the maturity date of your certificate.  This account will automatically renew at maturity unless disclosed on the certificate of deposit.  If the account does not automatically renew, interest will not accrue after maturity.

Account holder has ten calendar days from the maturity date to withdraw funds without being charged a penalty.  After the account is opened, deposits cannot be made until the maturity date unless specifically allowed as disclosed on the certificate of deposit.

Substantial penalty for early withdrawal.  In the event of an unexpected lifestyle change, we will waive the surrender penalty for medical hardships, nursing home, unemployment, or death of spouse or minor dependent.

If early withdrawal occurs, a penalty will be imposed:

        Term                                                    Penalty

12 month or less                                    90 days interest

15 and 18 month                                   6 months interest

24, 30 and 36 month                            12 months interest

48 and 60 month                                  18 months interest

Early withdrawal penalties effective 11/08/16 on new purchased certificates of deposit.

The annual percentage yield (APY) assumes interest will remain on deposit until maturity.  A withdrawal will reduce earnings. 

ira & roth ira

Please see a Retail Banker for more information on saving for retirement.

All Accounts 

The daily balance method is used to calculate interest and applies a daily periodic rate to the principal in the account each day.  Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).