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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.

Regular Savings Account

Our regular savings account is an excellent security option with easy accessibility. It only takes an initial deposit of $100.00 to open. A minimum balance fee of $1.00 will be imposed if the balance falls below $50.00 any day of the term.

Money Market Passbook Savings

Our Money Market 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. If you account falls below the minimum balance of $10,000 a $10.00 service charge will be imposed.

Student/Minor Savings

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.

Preferred Savings

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. Direct deposit of employee payroll is required to qualify for this account.

Christmas Club / Vacation Club

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)

Our certificate of deposit accounts are excellent ways for longer-term savers to earn more interest on their investment. Our certificates of deposit are FDIC insured up to $250,000 per depositor, which ensures your principal is not at risk while it earns a guaranteed, fixed rate of interest. Certificate of deposit terms range from 91 days to 42 months. For interest rates, minimum balance requirements, and annual percentage yields, please contact one of our experienced professionals.

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.
 
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