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You are here: Personal Accounts > CD's / IRA's

Looking for a safe, high-yield investment? A Metamora State Bank Certificate of Deposit is the answer.  Most CDs have a low minimum deposit of $1000, it doesn't take a lot of cash to get on the road to higher returns.  And you can choose whether you want the interest you earn to be reinvested, deposited in a Metamora State Bank checking or savings account, or paid directly to you.

Please call one of our offices and ask about our CD Specials.

Full FDIC insurance on deposit accounts through the Certificate of Deposit Account Registry Service (CDARS.)

One Bank
Everything is handled through our bank.  Your large deposit is broken into smaller amounts and placed with other banks that are members of a special network.  Then, those member banks issue CDs in amounts so that your entire investment is eligible for FDIC insurance.  By working with just one bank-our bank-you can receive insurance from many.

One Rate
You earn one rate on your entire investment-so you can forget about multiple rate negotiations and the need to consolidate multiple disbursement checks.

One Statement
You receive one regular account statement listing all of your CDs, along with their issuing banks, maturity dates, interest earned and other details.  With CDARS, there’s no need to manually consolidate statements, track changing collateral values, or use private surety bonds. 

Please contact one of our branches for additional information on how the CDARS program can work for you.

Is it time to start saving for your retirement?  The Money Market IRA allows you to set up automatic deposits from your payroll or checking account.  


•    Unlimited Deposits
•    No Minimums on additional deposits
•    Variable interest with tiered rates
•    Monthly statement
•    Interest accrues daily and is credited monthly
•    Tiered Interest Rates
•    Internet Banking Access
•    Customers over 59 ½ may order checks to use for withdrawals
•    $250.00 minimum to open
•    $10.00 maintenance fee is the balance falls below $250
•    $50.00 closing fee at the time the account is closed


The following transaction limitations do apply:

You may make only six (6) preauthorized transfers or withdrawals from your account each statement period, which may be checks, drafts, debit cards (if applicable) or other payments to third parties.   In addition to checks, preauthorized transfers include telephone transfers and automatic deductions set up with third parties.  Automatic deductions and checks will be considered paid in the statement period they are posted to the account.  We charge a $ 5.00 fee for each check, preauthorized transfer, electronic debit or withdrawal over the limit.  

An IRA is still a great way to save for retirement.  Many people can still deduct the full amount of their IRA contributions for income tax purposes.  Even if you can't take the deduction, the interest you earn is tax deferred until you withdraw your money at retirement.

Early Withdrawal Penalties on CD and IRA Accounts : (a penalty may be imposed for withdrawals before maturity)

  • If your account has an original maturity of 31 days or less:
    The Penalty we may imposed is greatest of:
    • 7 days interest on the amount withdrawn subject to penalty, if the withdrawal is made within the first six days after the deposit;
    • all interest that could have been earned on the amount withdrawal during a period equal to one-half the maturity period; or
    • all interest on the amount withdrawn subject to penalty.
  • If your account has an original maturity of one year or less:
    The fee we may impose will equal three months interest on the amount withdrawn subject to penalty.
     
  • If your account has an original maturity of more than one year:
    The fee we may impose will equal six months interest on the amount withdrawn subject to penalty.

In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. See your plan disclosures if the account is part of an IRA or other tax qualified plan.

Automatically Renewable Time Account
: This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, interest will continue to accrue after maturity for up to ten calendar days. The interest rate will be the new rate.

You will have ten calendar days after maturity to withdraw funds without penalty from a Certificate of Deposit.

You will have seven calendar days after maturity to withdraw funds without penalty from an Individual Retirement Account.

Non-Automatically Renewable Time Account: This account will not automatically renew at maturity. If you do not renew the account, interest will not continue to accrue after maturity.