• Certificates of Deposit (CDs)
• Individual Retirement Accounts (IRAs)

Quicklinks: Deposit Products • CDs & IRAs • Loans • Debit Cards

Certificates of deposit, or “CD’s”, are perfect deposit products for customers who do not require immediate access to their funds and want to earn a higher rate of interest. Nature Coast Bank offers a variety of CD options and term lengths. Competitive interest is compounded monthly. CD accounts do not normally have associated fees; however, substantial penalties will apply for early withdrawals. See the “Account Disclosure” for more information on early withdrawal penalties.

CD accounts earn interest at the rate and annual percentage yield (APY) printed on the face of the CD for the initial term of the deposit. For each automatic renewal, the interest rate and annual percentage yield (APY) will renew at the prevailing APY and for the same term length. A summary of CD points are as follows:

• Terms offered:
  • 3 month
  • 6 month
  • 1 year
  • 18 month
  • 2 year
  • 3 year
  • 4 years
• Minimum opening balance:
  • 3 month and 6 month require $2,500.00
  • 1 yr, 18 month, 2 yr, 3 yr, and 4 yr require $1,000.00
• Interest - compounded monthly
• No deposits permitted
• No withdrawals permited
• Automatic renewal
• 10 day grace period
• Early withdrawal penalty:
  • 3 to 6 month CD = 3 months interest penalty
  • 6 months to 36 months = 6 months interest penalty
  • 36 months or longer = 9 months interest penalty

Nature Coast Bank can help you choose the individual retirement account (IRA) savings program that works best for you. Traditional IRA’s are available. Interest is compounded monthly. There are not typically fees charged; however, substantial penalties will apply for premature withdrawals from fixed term IRA’s. See the “Account Disclosure” for more information. Be sure to ask how choosing the right IRA can help you realize your retirement goals.

The traditional IRA first became available in 1975 to encourage people to save for their retirement and to provide for beneficiaries upon death. Higher contribution limits and greater flexibility were added with the implementation of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001. If deferring taxes on part of your income is your tax strategy, a Traditional IRA may be right for you.

IRA Transfers and Rollovers

It’s easy to move your IRA to Nature Coast Bank. Whether a Roth or Traditional IRA, you can move existing IRA money as follows:

• Transfers -- you can come into our office, establish an IRA account with us, and complete a transfer form. This form is then sent to the institution that currently holds your funds. After receipt, the funds are sent directly to us for deposit into your account. The IRS places no limits on transfers and no part of this transaction is reported to the IRS.
   
• Rollovers -- To complete a rollover, you take the funds from one institution and deposit into another institution. A rollover may be done once per year and the deposit must be completed within 60 days of distribution from the first institution. A rollover is also used when moving funds from a qualified plan.

IRA Distributions

When you withdraw money from a retirement account, it is called a distribution. Distributions from a Traditional IRA are reported to the IRS as income and as such, may be subject to income tax. There may also be IRS imposed penalties except under special circumstances such as death, first time home purchase, disability, education and reaching age 59 ½.

Distributions from a Roth IRA have more complex tax implications. You should speak with your tax advisor, accountant or attorney before proceeding with this type of transaction.

Required Minimum Distributions (RMD)

The IRS requires that, beginning in the year you become 70 ½ years of age, you begin taking a “Required Minimum Distribution” from your Traditional IRA each year. This amount will vary based upon governmental tables. Our representatives will be happy to assist in calculating your RMD if requested.