Saving Plans
State Bank of Taunton offers a variety of savings plans to suit your needs at every stage of your life. Learn more about them below, then stop by one of our branches to speak with a Customer Service Representative and find out which options fit your financial goals, now and in the future.
Basic Savings Account
Opening a savings account is simple, see below for all the requirements!
| Minimum Balance to Open | Minimum Balance Required | Additional Charges |
|---|---|---|
| $50.00 | Average monthly balance must be greater than $50.00 to avoid service charge. | If the average monthly balance drops below $50.00, a $2.00 monthly service charge will be assessed. |
Ready to Get Started?
Give us a call at (507) 872-6136 (Taunton Branch) or (507) 706-5023 (Marshall Branch) or come in and speak with one of customer representatives.
Certificate of Deposit (CDs)
From three months to 60 months, we offer a variety of terms to meet your financial needs. See below for minimum opening balance, or contact a customer service representative for more information.
| CD Terms | Minimum Balance to Open |
|---|---|
| 3 months | $1,000.00 |
| 6 months | $1,000.00 |
| 12 months | $1,000.00 |
| 18 months | $1,000.00 |
| 24 months | $1,000.00 |
| 36 months | $1,000.00 |
| 48 months | $1,000.00 |
| 60 months | $1,000.00 |
Ready to Get Started?
Give us a call at (507) 872-6136 (Taunton Branch) or (507) 706-5023 (Marshall Branch) or come in and speak with one of customer representatives.
IRA’s (Individual Retirement Account)
Are you worried about retirement and would like to start saving? One savings option we offer is an Individual Retirement Accounts (IRA). See below for more information on the two types of IRA’s we offer at State Bank of Taunton.
Traditional IRA
You make contributions with money you may be able to deduct on your tax return and any earnings can potentially grow tax-deferred until you withdraw them in retirement when your tax-rate may be lower.
Features Include:
- Regular or annual contributions or generally deductible
- Age limit to contribute is 70 ½
- No income limit to contribute
- IRA owner Mandatory withdrawals at age 70 ½
Roth IRA
You make contributions with money you’ve already paid taxes on (after-tax), and your money may potentially grow tax-free, with tax-free withdrawals in retirement, provided that certain conditions are met.
Features Include:
- Regular or annual contributions are not deductible
- No age limit to contribute
- Income limit to contribute
- No mandatory withdrawals for IRA owners
2023 Contribution Limits for both Traditional and Roth IRAs
- $6,500
- $1,000 catch-up provision for individuals 50 or older
How To Open a Traditional or Roth IRA
To open an IRA, please see a customer service representative. IRA’s are FDIC insured up to $250,000.00 per account owner.
Health Savings Account (HSA)
State Bank of Taunton offers Health Savings Accounts (HSA’s) which combines high deductible health insurance with a tax-favored savings account. Once the deductible is met, the insurance starts paying. Money left in the savings account earns interest and is yours to keep. An HSA offers an easy way to help individuals or families save money for the cost of medical related expenses.
2023 HSA Contribution Limits, Deductibles, and Out-of-Pocket Expenses
| Minimum Deductible | Maximum Out-of-Pocket | Contribution Limit | 55+ Additional Contribution | |
|---|---|---|---|---|
| Single | $1,400.00 | $7,050.00 | $3,850.00 | $1,000.00 |
| Family | $2,800.00 | $14,100.00 | $7,750.00 | $1,000.00 |
