Take control of your retirement years now
It’s never too early to take advantage of possible tax breaks and competitive interest earned on an IRA.
Benefits You’ll Love
- Start investing today and skip the setup fees
- No monthly or annual maintenance fees
- Take advantage of Traditional or Roth IRA options
- Cover education expenses with the ease of a Coverdell ESA
- Competitive interest above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- Contribution limits change annually as determined by the IRS
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds are invested in a CD
- $100 minimum deposit to open
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
TRADITIONAL IRA
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax1
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty2
- Mandatory withdrawals at age 72
ROTH IRA
- Income limits to be eligible to open Roth IRA3
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal1
- Principal contributions can be withdrawn without penalty1
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty2
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
- Set aside funds for your child's education
- No setup or annual fee
- Interest grows tax-free
- Withdrawals are tax-free and penalty-free when used for qualified education expenses4
- Designated beneficiary must be under 18 when contributions are made
- To contribute to an ESA, certain income limits apply5
- Contributions are not tax deductible
- $2,000 maximum annual contribution per child
- The money must be withdrawn by the time he or she turns 306
- The ESA may be transferred without penalty to another member of the family
- $100 minimum deposit to open
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.
4Qualified expenses include tuition and fees, books, supplies, board, etc.
5Consult your tax advisor to determine your contribution limit.
6Those earnings are subject to income tax and a 10% penalty.
Use this calculator to determine your projected earnings from our Rewards Star Checking account. Move the sliders or type in the numbers to see your potential rewards.
- Estimated Annual Rewards $0
- Estimated monthly interest earned* $0
- Monthly ATM fees refunded**$0
This calculator compares the costs of buying or leasing a vehicle. There are three sections to complete, and you can adjust and experiment with different scenarios.
- Net cost of buying $0
- Net cost of leasing $0
A fixed-rate, fixed-term CD can earn higher returns than a standard savings account. Use this calculator to get an estimate of your earnings. Move the sliders or type in numbers to get started.
- Total value at maturity $0
- Total interest earned $0
- Annual Percentage Yield (APY)0.000%
Whether it's a down payment, college, a dream vacation...a savings plan can help you reach your goal. Use the sliders to experiment based on length of time and amount per month.
- Monthly deposit needed to reach goal $0
This calculator can help you get a general idea of monthly payments to expect for a simple loan. Move the sliders or type in numbers to get started.
- Estimated monthly payment $0
- Total paid $0
- Total interest paid $0
Certificates of Deposit (CD)
Invest confidently knowing you'll receive a guaranteed rate of return with a Centennial Bank CD. We offer a wide range of CD products at competitive market rates. Whether you are looking to invest short-term or long-term, Centennial Bank has the right CD for you. Contact your local branch for current terms and rates.
Club Accounts
| Account | Balance | Interest Rate | APY |
|---|---|---|---|
| Christmas Club | 0 - $5,000 | 1.24% | 1.24% |
| Christmas Club | $5,000+ | 0.50% | 0.50% |
| Vacation Club | 0 - $5,000 | 1.24% | 1.25% |
| Vacation Club | $5,000+ | 0.50% | 0.50% |
Subject to terms and conditions of the bank. There is a minimum $10 deposit to open a club account. Rates effective November 1, 2023
Gold Star Checking Account
| Tier | Interest Rate | APY |
|---|---|---|
| $1,000.00 - $2,499.99 | 0.700% | 0.700% |
| $2,500.00+ | 0.800% | 0.800% |
Money Market Account
| Tier | Interest Rate | APY |
|---|---|---|
| $2,500.00 - $9,999.99 | 0.850% | 0.850% |
| $10,000.00 - $24,999.99 | 0.950% | 0.950% |
| $25,000.00 - $49,999.99 | 1.090% | 1.100% |
| $50,000.00 - $99,999.99 | 1.490% | 1.500% |
| $100,000.00 - $249,999.99 | 3.450% | 3.500% |
| $250,000+ | 4.170% | 4.250% |
Rewards Savings*
| Tier | Interest Rate | APY |
|---|---|---|
| 0 - $25,000 | 0.9955% | 1.00% |
| $25,000+ | 0.5000% | 0.50% |
| Qualifications not met | 0.01% | 0.01% |
Qualifications
Qualifying for your Rewards Star or Rewards Star Cash Back rewards automatically qualifies you for the highest Rewards Savings rate, too. Enrollments must be in place and all of the following transactions and activities must post and settle to your Rewards Star or Rewards Star Cash Back account during each Monthly Qualification Cycle:
- At least 1 ACH credit or ACH payment transaction
- At least 12 debit card purchases
It's no problem if you miss a qualification cycle. Both accounts are still free and earn our base interest rate. And you can get back to earning rewards the very next month you qualify.
Rewards Star*
| Tier | Interest Rate | APY |
|---|---|---|
| 0 - $10,000 | 4.889% | 5.00% |
| $10,000+ | 0.50% | 0.50% |
| Qualifications not met | 0.01% | 0.01% |
Qualifications
Enrollments must be in place and all of the following transactions and activities must post and settle to your Rewards Star account during each Monthly Qualification Cycle:
- At least 1 ACH credit or ACH payment transaction
- At least 12 debit card purchases
If you don't meet the qualifications one month, don't worry. There is no penalty, and you still have a free checking account that earns our base interest rate. Plus, you can get back to earning really high interest and nationwide ATM fee refunds the very next month.
Savings Account
| Minimum Balance to Open | Interest Rate | APY |
|---|---|---|
| $25.00 | 0.50% | 0.50% |