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CD/IRA/HSA/CDARS

Certificate of Deposit Individual Retirement Account Health Savings Account
CDARSSM-Certificate of Deposit Account Registry ServiceSM

 

Certificates of Deposit

Oak Bank has a Certificate of Deposit to fit any investment strategy!  

bulletYou choose the length of time you want your money to be invested - from 6 months to 5 years and the interest will be paid to you quarterly.
bulletYou choose your method of receiving interest:  add interest to the Certificate balance, have the interest automatically deposited to another Oak Bank account, or receive a check for the interest earned.
bulletWith a minimum balance of $5000 you will earn a high fixed interest rate.
bulletYou will feel secure about making a wise investment that is insured up to $100,000 by the FDIC.
bulletWe will automatically renew your CD for you when the term is up. Don't worry, if you want to close it or transfer it to another term, you'll have 10 days after the maturity date to do so without paying a penalty. Non-automatically renewing Certificates are also available.

 
All Oak Bank CDs are also available as Individual Retirement Accounts (IRAs).
Use our Value of Deposits Calculator to help you determine the value of deposits under various scenarios.
When you open an Oak Bank Certificate of Deposit, you lock into a great rate for the term of the account and reap the high yields when the term is over. Sit back and watch your money grow, invest in our high-yielding Certificates today!  Call 608/441-6000 or contact us. 

 
CDARSSM Certificate of Deposit Account Registry ServiceSM  --a simple, easy and convenient solution for large cash deposits.
For years, large cash holders have been able to secure FDIC insurance by using deposit brokers to create the diversified structure necessary to disperse and administer large deposits among several banks.  Now, using CDARSSM, Oak Bank can provide:
bulletThe Safety of FDIC Insurance for large deposits. Oak Bank places clients’ funds through CDARSSM, with deposits over $100K divided into smaller CDs at multiple institutions. This permits the full amount to be eligible for FDIC insurance.
bulletCD Interest rates. Clients agree to an interest rate with Oak Bank for the CD maturity period you’ve selected.
bulletInterest-payment flexibility. Clients may choose to have interest on their CDs paid monthly or at maturity.
bulletManagement convenience. Clients can manage all of their CD investments through one relationship and they only need to file a single 1099 form for tax purposes.
bulletThe security of working with a trusted, local source. When clients make a deposit through CDARSSM, they deal only with the people they know and trust at Oak Bank. They receive a single, consolidated, monthly statement summarizing their deposits and their financial information is protected and secure.

New technology is what makes the  CDARSSM  network an efficient solution today.  Built and rigorously tested by experienced technology architects, CDARSSM is a proven system that serves the needs of individuals, companies, organizations, and nonprofits across the United States, regardless of size.

While uncertainty abounds in most investment options today, nothing is safer than CDARSSM.  To learn more call 608/441-6000 or contact us today!

 
Individual Retirement Account

Oak Bank Retirement Accounts let you live for today, and plan for tomorrow!

Social Security and pension plans often are not sufficient to maintain your current lifestyle at retirement. An Individual Retirement Account (IRA) is an excellent way to invest for your later years or perhaps other major life events. The great advantage of an IRA is that you can accumulate earnings on a tax-deferred basis until the funds are withdrawn. Depending on your income level, your contributions may be tax deductible. Consult your tax advisor regarding the tax deductibility for your situation.

We offer:

bulletTraditional IRA - lets you contribute tax-deferred income into a savings plan for use after retirement.
bulletRoth IRA- you can contribute taxed, earned income and withdrawal later with no tax penalties.
bulletEducational IRA-provide a way to save for the higher education of a child, including tuition, books, room, board, supplies and equipment for full-time students.

* Anyone under the age of 70 1/2 can contribute to an IRA. Consult your tax advisor for complete rules on deductibility.

 
Health Savings Accounts
Health Savings Accounts (HSAs) are designed to benefit people with high-deductible health plans. They are a great way to save for health care expenses, with the added benefit of excellent tax savings and reduced health care costs.

The contributions and earnings are tax-free. At the same time, premium expenses can be reduced by 40-50% with a switch to a high-deductible health plan (HDHP).

Qualified medical expenses are paid with tax-free distributions from the HSA. This account has many of the same benefits as the Medical Savings Account (MSA) but without the restrictions. All of our Certificates of Deposits are available as investment options for your HSA Account.

Oak Bank can help you get started with opening your HSA today! Call 441-6000 or contact us. Click HERE for the US Department of Treasury's Frequently Asked Questions regarding HSAs.
 

If you would like to open an Oak Bank Certificate of Deposit,  Individual Retirement Account, or Health Savings Account call 608/441-6000 or contact us today!