CD and Savings Accounts

Whether you are a beginning saver or a long-time investor, Community Banks of Shelby County has a savings plan for you.

If your savings needs are short-term, then our Passbook Savings account is a good way to begin.  You may add any amount to this account at any time and make six withdrawals or transfers per month at no charge.  You will also earn interest that will be compounded and credited to your account semi-annually.

Our Money Market Passbook Savings account lets you earn a higher rate of interest on your savings while still being able to make withdrawals.  Open your account with a minimum of $10,000 and make unlimited deposits and in-person withdrawals without penalty. 

To encourage our younger generation to save, a savings account with a reduced minimum balance requirement of $20.00 is offered to our customers that are 18 years old and younger.

This is an account reserved for employees of International Paper and the community school employees of the Shelbyville, Cowden-Herrick, and Windsor school districts.  The account offers a higher rate of interest with no minimum balance or service charges.  Account holders are eligible for benefits associated with the Lake Club Gold checking account.  Direct deposit of employee payroll is required to qualify for this account.

Do you find yourself a little short during special times of the year?  We have accounts that consider your annual savings goals for holiday and vacation expenses.  These accounts may be opened with a deposit of $1.00.  You accumulate funds throughout the year for these special occasions.  Christmas Club checks for the balance of the account will be mailed in October.  Vacation Club checks in the amount of the account balance are disbursed in May.  

Certificate of Deposit (CD)

Individual Retirement Accounts (IRA)

Our individual retirement account products allow you to receive tax savings on your contributions.  A brief overview of your IRA options at Community Banks of Shelby County include:

• Traditional IRA – You may take a tax deduction for contributions made to your traditional IRA account up to a certain dollar amount, assuming you meet the income threshold requirements.  Each year you may continue to make contributions and earn interest on a tax deferred basis.  Taxes on your earnings are not paid until IRA distributions are taken upon retirement.  For more information, please contact one of our deposit account professionals.

• Roth IRA – A Roth IRA allows your non tax-deductible contributions to grow tax-free.  Because tax has already been paid on the income that you have contributed, no tax is due upon distribution.  Please call to speak with one of our representatives for more information.