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South Valley Bank & Trust
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Personal Savings Options

Please select a link below:

Market Plus Account

This account is for customers that want a high-yield, liquid account with convenient access.  Unlike Time Certificates, your Market Plus account is completely flexible.

  • Make up to six telephone transfers or pre-authorized automatic transfers per month (no more than three of these may be made by check).
  • You can also make unlimited transfers and withdrawals from this account to another account of the same depositor when made by mail, messenger or in person.
  • Free checks are provided for all Market Plus Accounts.
  • If the account balance falls below $1,000.00 during a statement cycle month, a $10.00 maintenance service charge will be charged to the account.
  • The daily balance tiers for the interest calculations are as follows:
      • Balance Below $9,999.99
      • $10,000.00 - $24,999.99
      • $25,000.00 - $49,999.99
      • $50,000.00 - $74,999.99
      • $75,000.00 - $99,999.99 
      • $100,000.00  and over
  • See the current South Valley Bank & Trust Rate Sheet for current deposit interest rates.

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Savings Account

A simplified interest-bearing savings account.  Withdrawals are made directly by mail or in person.

  • Competitive Interest Rate is compounded daily and paid quarterly at statement preparation time.
  • See the South Valley Bank & Trust Rate Sheet for current annual percentage yield.
  • Inactive savings accounts under $10.00 will be closed after twelve months.
  • Limit 6 transfers per calendar month.  $1.00 charge per debit over 6 per quarter.

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Time Certificates of Deposit (CD)

Looking for secure, guaranteed returns? Our CDs allow you to choose any term from 30 days up to 5 years. Your funds will earn a fixed interest rate based upon the tiered rate at the time of purchase. You have the option to have the interest paid to the CD or be paid out monthly, quarterly or annually by check or deposited to another account. For your convenience, all CDs will automatically renew while allowing a 10-day grace period after the maturity date for withdrawals, additions, or changes in term without a penalty. A penalty of three months interest will be charged on any monies withdrawn within one year of maturity. A penalty of six months interest will be charged on any monies withdrawn with a year or more remaining until maturity.

Fixed Rate CDs

  • Terms from 32 days to 5 years.
  • Tiered interest rates.
  • Make additional deposits up to the original amount of the deposit.
  • Interest is compounded daily.

Click here for current deposit rates.

Variable Rate CDs

  • 6 Month Term
  • Tiered interest rates.
  • Interest is compounded daily.
  • Interest Rate subject to change daily

Click here for current deposit rates.

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Individual Retirement Accounts (IRA)

An Individual Retirement Account (an "IRA") is a personal, tax-sheltered retirement plan that is established as a trust or custodial account with an approved trustee or custodian.  As a retirement plan, it offers a means of accumulating tax deductible and non-tax deductible deposits in a savings program.  While these deposits remain in the IRA, the interest earnings on those deposits accumulate tax deferred.  Both the deposits, and the interest earnings on those deposits may become taxable income when they are distributed.
Any individual who is under age 70 ½ and who has compensation may establish an IRA and make contributions to it.  Employees or self-employed individuals can establish an IRA and contribute to it even if they participate in any form of public or private pension or profit sharing plan, HR-10, or Simplified Employee Pension Plan or S.I.M.P.L.E. established by an employer.  If both spouses have earned income, each spouse may establish an IRA and calculate their maximum contributions separately even though they file a joint tax return.

Individual Retirement Accounts fall in two different categories depending upon the frequency of contributions.

  1. Rollover or Transfer Accounts are established by means of a single deposit.  The deposit consists of funds that are distributed in a lump-sum for any amount from a pension, profit sharing, HR-10, or Tax Sheltered Annuity plan or from another IRA.
  2. Regular and Spousal Accounts are IRA's to which annual deposits are made.  The terms do not identify different kinds of IRA's but are more properly used to specify the deposit category of the depositor and are thus used to establish annual contributions and deduction limits.
    • Regular IRA contributions are made by individuals who are making contributions to their own IRA only.  Contributions can be equal to the lesser of 100% of earned income or $3,000.  IRA deductions are based on whether you actively participate in an  employer-maintained retirement plan and, if so, your adjusted gross income.  Depending on your circumstances, you will be eligible for a maximum deduction or a partial deduction.  Our representative can help you determine your deductible limits.
    • Spousal IRA's apply in those situations where only one spouse has earned income.  The earned income of the working spouse is used to make contributions to two IRA's, one belonging to the working spouse and the other to the spouse who has no earned income.  The deposit limit is the lesser of 100% of earned income of the working spouse or $6,000.  The spousal deposit may be divided between the two accounts in any desired manner provided not more than $3,000 is deposited to either account.

We offer all of our IRA's with automatic renewal.  If you need to withdraw the funds at maturity, just let us know within the 10 day grace period. Early withdrawal penalties are taken if the deposit is withdrawn before maturity.  A penalty of three months interest will be charged on any monies withdrawn within one year of maturity.  A penalty of six months interest will be charged on any monies withdrawn with a year or more remaining until maturity.  If you are age 59 ½ or older, you are not subject to a 10 percent premature-distribution penalty tax.  The IRS will impose a premature distribution penalty if a withdrawal is made before you reach age 59 ½ or become disabled.  In addition, the law further provides that you must begin to take minimum distributions from your account by April 1 of the year after you reach age 70 ½ or other penalties will be assessed.  Most people start in the year they turn 70 ½ so as not to be required to take two distributions in the following year.

Rules for IRA's are established by the Internal Revenue Service and are subject to change without notice by South Valley Bank & Trust.  You should confer with your tax advisor prior to any IRA contribution.

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