Individual Retirement Accounts

 

Banking for Life - Today, Tomorrow and Beyond

What do you want to do when you retire? Do you want to travel? Spend winters somewhere warm? Buy a boat and spend everyday out on the lake? By planning now, you can make your retirement plans come true, and Oostburg State Bank can help - providing the expert advise you need and the unparalleled customer service you deserve.

 
Account Types Opening Requirement Minimum Deposit Term length Tax Deductible Deposits Features
Variable Rate IRA

$50 $50 24 Month Term Yes
  • FDIC insured to $250,000
  • 10-day grace period
  • Current interest rates are available here.
Fixed Rate IRA

$1,000 None 6-60 month terms Yes
  • Guaranteed rate of return
  • FDIC insured to $250,000
  • 10-day grace period
  • Current interest rates are available here.
Roth IRA

$1,000 None 6-60 month terms No
  • No minimum distribution required
  • No age restriction for contributions
  • Interest earned is not taxed by the Federal government
  • No government penalty imposed on principal withdrawals
  • Interest can be withdrawn after 5 years with no government penalty if considered a qualified distribution
  • Guaranteed rate of return
  • FDIC insured to $250,000
  • 10-day grace period
  • Current interest rates are available here.
Coverdell Education Savings Account

No None, $2,000 contribution limit per child per year N/A No
  • Specifically for people saving money for educational purposes
  • Treated similar to IRA money
  • Interest earned is not taxed by the federal government
  • FDIC insured to $250,000
  • Current interest rates are available here.

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