Build & Save Toward Your Future With Us
CDs and IRAs at Lena State Bank give you simple, steady ways to grow your savings. With a range of terms and options, it’s easy to find what works best for your goals.
Certificates of Deposit (CDs)
We offer a variety of Certificates of Deposit with different terms and competitive rates to help you save with confidence. Whether you're looking for short-term growth or a longer-term option, our team can help you find the CD that fits your goals.
For current rates and available terms, contact your local Lena State Bank banker.
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.
| Account | Account Details |
|---|---|
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.