Invest in the best savings products.
If you’re like most people, you want to make the most of your money while keeping it safe and secure. Paducah Bank has a variety of accounts to help you make your money productive while preserving the safety of your deposits.
|Earn Interest||$300 and up||$.01 and up||$300 and up||$300 and up|
|Number of Withdrawals||6 per quarter||6 per quarter||1 per quarter||4 per year|
|Excess Withdrawal Fee||$2 after 6th||$2 after 6th||$7.50 after 1st||$25 after 4th|
|Monthly Maintenance||$7 quarterly waived with balance of $300||$0||$0||$7 quarterly waived with balance of $300|
|Dormant Fee||$5 quarterly if balance is below $300 and no activity for 365 days||$5 quarterly if balance is below $300 and no activity for 365 days||$5 quarterly if balance is below $300 and no activity for 365 days||$5 quarterly if balance is below $300 and no activity for 365 days|
- * Regular Savings requires $50 minimum to open
- ** At age 18, Coin Club converts to Regular Savings
- † Wow Whatever requires auto transfer from checking or savings — minimum $10 transfer weekly or bi-weekly or $20 minimum transfer monthly. Account also requires statement by E-statement or combined with checking from which transfer occurs. $25 penalty if closed within first 6 months.
- †† Liquid CDs require $1,000 minimum to open and pay tiered rates of interest. WOW Liquid CD is available for Liquid CD balances greater than $250,000. Same fees, terms and withdrawals as the regular Liquid CD.
Statement Savings Account
An interest-bearing account, the interest rate and annual percentage yield will depend upon the daily balance in your account. This account may be opened with as little as $50, and as many as six withdrawals can be made per statement. No monthly maintenance fee will be assessed as long as you maintain a balance of at least $300 and the account does not become dormant.*
Coin Club Account
Paducah Bank’s Coin Club Account was developed to teach children the importance of saving money; they may remain in the program until their 18th birthday. This account pays a premium interest rate, and no amount is too small to open an account. No monthly maintenance fee will be assessed as long as the account does not become dormant.*
Certificates of Deposit (CDs)
It’s easy to plan for the future when you know your interest rate is guaranteed for the life of your certificate. That’s why Paducah Bank’s Fixed Rate CDs have an important place in your portfolio. Terms are available from a few months to several years. Open your Fixed Rate CD with as little as $5,000.
This CD is more like a savings account than a traditional CD. This account pays a higher interest rate than our Savings Account. You may make a deposit as often as you wish and make four withdrawals per year.
At Paducah Bank, you’ll never have to sacrifice safety or liquidity to earn competitive rates. Our Money Market Account offers limited check writing, pre-authorized transfer privileges and a comprehensive monthly statement.
If you are currently employed, it’s never too soon to start planning for your retirement with an Individualized Retirement Account (IRA). A Paducah Bank IRA gives you attractive retirement savings and possibly tax advantages, too. The sooner you open your IRA, the more comfortable your retirement years can be.
The Traditional IRA is available to anyone under the age of 70 ½ who earns income from full-time or part-time work. This IRA is a great way to save for retirement through a tax-deferred account. Tax deductibility is another reason for many individuals to invest in a Traditional IRA. It can mean an immediate tax break, allowing you to deduct part or all of your contribution on your income tax return.
The Roth IRA is different from a Traditional IRA in some very important respects. Unlike the Traditional IRA, where contributions can be as much as 100% tax-deductible and growth is tax-deferred, Roth IRA contributions are not tax-deductible for anyone. But growth of assets in a Roth IRA is potentially tax-free, so when you take distributions, you may not have to pay federal income tax on them. While the Traditional IRA sets an age limit of 70 ½, the Roth IRA sets no age limit for eligibility.
Anyone, not just parents or grandparents, may fund a Coverdell Education Savings Account for a child. Contributions are not tax-deductible; they are made with after-tax dollars for a child. When the money is withdrawn and used for tuition, room, board, books, other college supplies, or qualified elementary and secondary expenses, it is tax-free.
When managing your investments becomes more complex, you’re ready for Paducah Bank’s Wealth Management Group. We take a unique team approach to helping you manage your portfolio. The advantage is clear: working with a team, you draw on a wide range of experience and financial expertise. We become familiar with your portfolio, your goals, your trading habits, and your individual preferences. Your account team is available to provide you with our highest level of service, insight, and solutions.
Saving Is Easy
Automatic Savings Plan
Get into the savings habit without standing in line or remembering to make deposits. Just authorize Paducah Bank to transfer a specific amount of money from any Paducah Bank Checking Account to your Savings Account, Money Market Account, or selected IRAs on a regular basis. It’s hassle free and a great way to watch your money grow. You may also transfer money to your Paducah Bank Savings Account through your Internet Banking Account or by using our WOW! InfoLine at 575.6677.
Combined Statement Option
For easier financial record keeping, you may choose to have your Savings Account activities detailed on a combined statement with your Paducah Bank Checking Account.
E-statements give you fast, easy and convenient access to your account statements with the click of a mouse! No more waiting for the mail to be delivered. We’ll notify you by e-mail to let you know that your statement is ready.
Savings and Money Market Accounts are limited transaction accounts. Early withdrawal penalties apply to Certificates and IRA time deposits. Additional information can be found in the disclosures for deposit accounts. At Paducah Bank, all depositors are insured by the Federal Deposit Insurance Corporation for up to $250,000. Trust and Investment products are not FDIC insured. They may lose value and are not guaranteed by The Paducah Bank and Trust Company.
*Dormant fee will apply if no activity occurs on account within one year.