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CDs & IRAs

Secure your savings with a Personal CD or IRA

Looking for a secure way to save and grow your money? A personal CD or IRA account from West Plains Bank and Trust Company might just be the savings solution you need. With locked-in interest rates that deliver steady returns on your savings, our personal CD or IRA accounts are designed to help customers achieve any financial goal. 

Read on or visit any of our locations to get started!

A Certificate of Deposit (CD) account is a special type of savings account that requires the customer to deposit a set amount of money and leave it with the bank for a fixed period of time. This fixed period is called the term of a CD, and is agreed upon by the bank and the customer before any money is deposited. 

In exchange for agreeing to leave the original deposit amount untouched for the full term of a CD, the bank pays the customer a higher interest rate than a regular savings account. Early withdrawals will result in fees to the associated account.

The interest rate on the CD is set when the account is started, and locked in for the entire term of a CD. That allows you to know exactly how much interest you'll make over the lifespan of the CD account.

The end of the term of a CD is called the CD's maturity date. When the maturity date is reached, customers have received all the interest the CD will produce, and can now withdraw their original funds without an early-withdrawal penalty. 

At West Plains Bank and Trust Company, we offer personal CD accounts with maturity dates from one month to five years, to put you in full control of your long- and short-term savings with no surprises.

While shorter-term CD accounts often have higher interest rates, longer-term CDs usually earn the most interest over time. That makes CDs of any term perfect for funds that you won't need immediate access to, offering a higher return compared to a traditional savings account.

When you set up the account, you can stipulate that the interest can be added back to the CD account, or deposited to your checking or savings account, helping you grow your money through compounding interest. 

Opening a CD account at West Plains Bank and Trust Company is an easy way to make a great return on extra funds you probably won't need for a while.

Choosing the best CD account for your financial needs is easy too. Our CD accounts require a minimum deposit of $1,000, and feature maturity options ranging anywhere from one month to five years. 

Personal CD accounts at West Plains Bank and Trust Company offer:

  • Competitive interest rates to grow your money.
  • A choice of CD maturity dates to suit your long- or short-term financial goals.
  • A locked-in interest rate for the entire term of the CD, so you know how much you'll make from the start.
  • Member FDIC-insured security and protection.

Keep in mind that a fee will be imposed if you withdraw funds deposited in a CD account before the maturity date, so be sure to plan carefully to maximize your earnings.

An Individual Retirement Account (IRA) is a savings tool that allows you to make tax-deferred investments to ensure financial security in your retirement. A variety of retirement savings options, including Traditional and Roth IRAs are offered by West Plains Bank and Trust Company. Speaking with your tax advisor can help you decide which option is right for you. Our universal bankers are ready to assist you in opening the IRA of your choice.
 
For more specific information on all IRA options, visit the IRS website:
https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras

Money Market Accounts and CDs are both ways to save money, but there are key differences between them. When deciding between a CD vs. a Money Market Account, be sure to consider both your financial goals and how much access you may need to the deposited funds in the future. 

Here's a few key differences between a CD vs. a Money Market Account:

CDs:

  • Generally deliver higher interest rates than MMAs.
  • Locked-in interest rate from the moment you begin the account.
  • Fixed terms from one month to five years.
  • Early-withdrawal penalties if you access the funds before the maturity date.

Money Market Accounts:

  • Higher interest rates compared to a regular savings account.
  • Immediate access to funds through check or debit card, with no early-withdrawal penalties.
  • Interest rates that fluctuate.
  • Usually require a higher minimum balance to avoid fees.

In short: CDs are better for long-term savings with a guaranteed return, while Money Market Accounts offer more flexibility and easier, penalty-free access to your funds.

West Plains Bank and Trust Company offers customers competitive CD account terms and interest rates, to help maximize your savings. Our rates vary based on the term length and current market conditions. To get the most up-to-date rates, contact a customer service representative or visit any of our convenient local branches.

Purchasing a CD at West Plains Bank and Trust Company is simple. Here's the easy-to-follow process: 

  • Decide how much money you want to put into a CD, carefully considering whether you might need immediate access to those funds in the future. 
  • Contact us, or visit any of our friendly locations.
  • Work with a representative to choose your CD term based on your future financial needs and goals.
  • Deposit at least $1,000 to open your account.
  • Start earning interest immediately!

West Plains Bank and Trust has a 140-plus-year history of excellent customer service, and we're here to assist you every step of the way.