Savings, CDs & IRAs

Pinnacle Bank offers several different ways to save your hard earned money.  From savings accounts, to certificates of deposit (CD’s), to individual retirement accounts (IRA’s), we have the product to fit your needs.

Savings

Basic savings account that earns interest each month.

  • Minimum balance to open account is $100.00
  • Minimum average daily balance to avoid fees is $100.00 (If average daily balance falls below $100.00; $2.00 monthly service charge)
  • Limited to six transactions per statement cycle ($1.00 per item thereafter)
  • No fee Telebank, Online Banking, Bill Payment, and E-Statements

Money Market

This money market account has a limited check writing capability but has a tiered interest rate structure that gives you a higher rate with higher balances.

  • Minimum balance to open account is $2,500.00
  • Minimum average daily balance to avoid fees is $2,500.00 (If average daily balance falls below $2,500.00; $5.00 monthly service charge)
  • Unlimited in-house transactions
  • Limited to six third party transactions or checks per statement cycle
  • No fee Telebank, Online Banking, Bill Payment and E-Statements

Roth and Traditional Individual Retirement Accounts

The Basic Differences Between a Roth and a Traditional IRA basically lie in three areas;  taxes, eligibility, and withdrawals.

Roth contributions are not tax deductible while the earnings and principal are 100% tax free if rules and regulations are followed. The principal contributions can be withdrawn any time without penalty (subject to some minimal conditions) with a Roth IRA. You would pay penalties if you withdrawal earnings before retirement age. When you reached retirement age, you would be able to withdraw all of the money 100% tax free. There is no mandatory distribution age with the Roth. Only Single-filers making up to $95,000 or married couples making a combined maximum of $150,000 annually are eligible for Roth IRAs.

Where taxes are concerned, the Traditional IRA is reverse from the Roth. Traditional IRA contributions are tax deductible depending on income level, but taxes are paid on earnings when withdrawn from the IRA. The Traditional IRA is referred to as a Tax Deferred investment. All funds withdrawn from a Traditional IRA, including principal contributions, before 59 ½, are subject to a 10% penalty. There are some exceptions. Traditional IRAs are available to everyone with no income restrictions while Roth is available only to single-filers making up to $95,000 or married couples making a combined maximum of $150,000 annually.

Both allow funds to be used to purchase a variety of investments such as stocks, bonds, certificates of deposits, etc.  IRAs of both types can be opened through a banks or brokerage houses.

Individual Retirement Account (IRA)

Simple retirement savings account that earns a competitive interest rate.

  • Minimum balance to open account is $100.00
  • Can be qualified for Traditional ROTH or SEP
  • Qualify for 0.25% increase in interest rate with monthly automatic transfer
  • Subject to IRA custodial transfer fee of $25.00 and may be subject to limitations and/or penalties imposed by the IRS. Refer to IRA Agreement or your tax advisor for more information on transaction limitations.

Certificate of Deposit (CD)

Many terms are available to best fit your needs.  Contact us for latest Certificate of Deposit Rates!

Compare our products by viewing Pinnacle Bank Checking & Savings Account Brochure!

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Latest News

In late September, Pinnacle Bank upgraded its online banking system. The new system is easier to use and offers several enhanced features, including:
 
  • Real-time transaction posting 
  • Ability to view check images 
  • E-statements will be available through online banking–a separate login will no longer be needed 
  • Spending reports will be available 
  • Ability to export history to financial software or spreadsheets 
  • Easier navigation 
 
To enroll in online banking, click on Personal Enrollment and follow the prompts.