Certificate of Deposit (CD) Open AccountCDs are investment options that offer a wide range of terms and earn competitive interest rates that are guaranteed for the term. At Farmers Bank & Trust, we have a variety of terms and competitive rates to help your money grow and fit your needs. Call or visit your local branch
- A variety of terms available to meet your investment needs
- Interest paid monthly, quarterly or semi-annually depending on the deposit term
- Subject to early withdrawal penalties.
- Interest can be added back to the CD, deposited to an FB&T checking or savings account or paid by check
- $500 minimum to open
- Call or visit your local branch for all rates and terms- ask about our CD Specials!
Individual Retirement Account (IRA)
We have four IRA options to meet your needs requiring $500 minimum to open and terms ranging from 12 to 60 months. Call or visit your local branch to open.
- Traditional IRA - An account that allows you to defer taxes on your earnings until they are withdrawn. Certain contributions are tax deductible in the tax year for which they are made.
- Roth IRA - A nondeductible account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, people who expect to be in a higher tax bracket when they retire may benefit more from this type of an account than from a traditional IRA. To be eligible to contribute to a Roth IRA, you must have earned income (or your spouse must have earned income) and your modified adjusted gross income (MAGI) cannot exceed certain limits.
- Education IRA - Is a nondeductible account that features tax-free withdrawals for a child's higher education expenses. Distributions from an Education IRA are penalty-free and federal income tax-free. There is no requirement that the contributor have earned income or be under age 70½. Contributions may be made on behalf of a child until the day before their 18th birthday.
- SEP IRA - Is a retirement plan specifically designed for self-employed people and small-business owners. When establishing a SEP IRA plan for your business, you and any eligible employees establish your own separate SEP IRA; employer contributions are then made into each eligible employee's SEP IRA.