A traditional savings account that earns interest on the entire balance.
- Minimum Opening Deposit: $100
- Monthly Service Charge: NONE if maintaining a minimum daily balance requirement of $500; otherwise $9
- Transaction Limitation: 6 transactions per monthly statement cycle. This includes checks, debit card transactions, transfers to another account, preauthorized third party debits, and automatic/telephone/online transfers. A per debit item fee of $0.50 will be assessed for each debit in excess of three (3) debits during a monthly cycle.
Personal Installment Savings
This account allows you to set aside a fixed amount each month to accumulate into a meaningful sum that can be used for a down payment on a home, car purchase, wedding, travels, and much more.
- Minimum Opening Deposit: First monthly installment amount
- Transaction Limitation: You must make one deposit into your account each month based on your contract with the Bank
- Early Withdrawal Penalty may be imposed for withdrawals before the term. A Penalty of three (3) months interest on the amount withdrawn will be imposed for 12 and 18 months terms and six (6) months interest for 24 months and over terms.
- By choosing an automatic transfer from your CBB Bank checking to your installment savings account, you may be eligible to receive a premium interest rate. (0.25% higher than the posted rate).
Personal Money Market
A convenient savings account with limited checking account features.
- Minimum Opening Deposit: $500
- Monthly Service Charge: NONE if maintaining a minimum daily balance of $2,500; otherwise $9
- Transaction Limitation: 6 transactions per monthly statement cycle. This includes checks, debit card transactions, transfers to another account, preauthorized third party debits, and automatic/telephone/online transfers. Excessive transaction fee of $20.00 per item
Personal Time Certification of Deposit Account
Interest-earning accounts with a guaranteed fixed rate. Offers a variety of interest payment options, tiered rates, and choice of terms to meet your savings goal.
- Minimum Opening Deposit: $1,000
- Transaction Limitation: No additional deposits allowed before maturity
- Early withdrawal penalty may be imposed for withdrawals before maturity
Personal Flex Certification of Deposit Account
Time Certification of Deposit Account benefit with the flexibility of unlimited deposits up to maximum $240,000 and three (3) penalty-free withdrawals.
- Minimum Opening Deposit: $10,000
- Transaction Limitation: Unlimited deposit up to $240,000 (additional deposits must be a minimum of $1,000) and three (3) penalty-free withdrawals
- Term: 12 months
- Conditions: Must have a CBB Checking Account to open Flex CD. Interest will be paid monthly into CBB Bank Checking Account.
- Early withdrawal penalty will apply AFTER three (3) penalty free withdrawals. A penalty may be imposed for withdrawals before maturity. An early withdrawal penalty of one (1) month interest may be imposed.
A traditional IRA is a good choice if you are eligible to make deductible contributions and expect your tax rate during retirement to be lower than it is today. Any earnings are tax-deferred until withdrawn at or after 59½ at which time they are taxed at your current rate.
- Contributions and earnings can be withdrawn free of the 10% additional federal income tax at or after 59½
- Contributions may be tax-deductible
Roth IRA may be appropriate if you expect your tax rate to be the same as it is today or higher during retirement.
- Any earnings are tax-free if withdrawn at or after the age of 59½ and the individual retirement account has been open five years or more
- Contributions (not earnings) can be withdrawn free of tax and the 10% additional tax at any time
- Contributions are not tax-deductible