CDs and IRAs

Home Personal Banking CDs and IRAs

Grow Your Money for the Future and Retirement

The future is unpredictable. That means being prepared for whatever comes next is very important. CDs and IRAs at Lena State Bank offers two different ways to have the funds on hand for emergencies or to live the lifestyle you’ve always wanted.


CDs at Lena State Bank

Certificates of Deposit at Lena State Bank come in maturities of three months to five years to earn the most competitive interest rate. There may also be CD specials available, so be sure to ask a Lena State Bank staff member. Interest rates are locked when the CD is issued.


There are various options for interest payments:

  • You can receive an interest check
  • You can choose to have an automatic deposit to a checking or savings account
  • You can also choose to add the interest to the CD, compounding the interest and increasing the yield

Call or stop by Lena State Bank to allow our staff to help you find the best  solution for you.

All types of Certificates are subject to early withdrawal penalties.


IRAs at Lena State Bank

An Individual Retirement Account (IRA) allows you to save money for retirement in a tax-advantaged way.

An IRA is an account  that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis. There are two main types of IRAs—Traditional and Roth —each with different advantages.

  • Traditional IRA- you make contributions with money you may be able to deduct on your tax return and any earnings can potentially grow tax-deferred until you withdraw them in retirement. Many retirees also find themselves in a lower tax bracket than they were in pre-retirement, so the tax-deferral means the money may be taxed at a lower rate.
  • Roth IRA- you make contributions with money you’ve already paid taxes on (after-tax) and your money may potentially grow tax-free, with tax-free withdrawals in retirement, provided that certain conditions are met.

Lena State Bank does accept Rollover IRA deposits and direct transfers.  A Rollover IRA is a Traditional IRA intended for money "rolled over" from a qualified retirement plan. Rollovers involve moving eligible assets from an employer-sponsored plan, such as a 401(k) or 403(b), into an IRA.  Please contact our IRA specialist today at 815-369-4901.

Lena State Bank offers several IRA options:

Variable-Rate IRAs

  • Minimum deposit of $25.00; can be added to at any time
  • IRA matures annually
  • Can continue with variable-rate account or move to a fixed account if balance is $500 or more at maturity
  • Rates vary weekly based on market conditions
  • Interest is compounded and credited to account semi-annually

Fixed-Rate IRAs

  • Interest rate is locked in for a specific period
  • Interest is compounded and credited to account semi-annually as well as maturity