Individual Retirement Accounts, IRAs
It’s never too late to start planning for your retirement. MinnStar Bank offers Traditional and Roth Individual Retirement Accounts (IRAs). A professional tax advisor can tell you which IRA is right for you. Accounts can be opened or funded anytime until your federal tax return is due, which is typically April 15th of the following year. Your retirement funds can be invested in a Certificate of Deposit or a savings account. Your IRA investments are eligible for insurance by the FDIC (Federal Deposit Insurance Corporation) up to $250,000.00. To open a new IRA, transfer or rollover your present account(s) from another location to us, contact MinnStar Bank at either location.
Certificate of Deposit
A Certificate of Deposit offer premium earnings with true security and is an ideal savings tool for many. In exchange for committing your savings dollars for a specified length of time, you will be rewarded with a competitive rate of return and the peace of mind that you are saving for your future in a safe manner.
How does a Certificate of Deposit work? You will first determine the amount of money you wish to deposit. There is a minimum balance of $500.00 to open an account and obtain the annual percentage yield. Next, select a time frame for which you are willing to commit the funds; 90 days up to five years. Interest is compounded quarterly on terms of 12 months or more, annually, or at maturity on CDs due in less than 12 months. At the certificate’s maturity you may choose to renew the deposit or withdraw your funds. Should you choose to withdraw funds prior to maturity, penalties will apply.