Personal Banking

As much as our world has changed, there are some things that never will — like your commitment to family. At Central Illinois Bank, we understand that commitment. We keep things simple so you can focus on the things that are important to you. We offer products and services that help you create the life you want. We use technologies that help protect your assets, your privacy, and your security, and we do this without ever losing our focus — you.

  • Personal Banking Services

INDIVIDUAL RETIREMENT ACCOUNTS (IRA)

Whether you have been saving for years or you’re just getting started, we have a plan that fits your needs. You may invest your IRA funds in a Certificate of Deposit with minimum deposits starting as low as $2,000. Available terms range from ninety-one days to five years. A Money Market IRA account is also available with a minimum opening deposit of $50.

Traditional IRA
• You may be eligible to contribute up to $6,500 individually or $12,000 jointly.
• Your IRA contributions may be tax deductible.
• You are not taxed on your earnings until you start making withdrawals.
• To be eligible, you must be under age 70 1⁄2 with earned income. Consult your personal banker for more eligibility requirements.
• You can start taking distributions at age 59 1⁄2 without a federal tax penalty. You must start taking distributions by age 70 1⁄2.
• Consult your tax advisor for more information about eligibility, contribution limits and tax deductibility.

Rollover IRA
When you switch to a new job, you don’t have to leave your 401 (k) behind. You can transfer the funds from your employer’s plan directly into a Rollover IRA. Consult your personal banker for more information.

Roth IRA
• A Roth IRA offers many of the same benefits of a traditional IRA, such as tax-deferred earnings. However, with a Roth IRA, if you take your earnings as part of a qualified distribution, you might not have to pay taxes on the earnings.
• Although your contributions aren’t tax deductible, you don’t have to pay federal income taxes on withdrawals as long as the funds have been in your account for five years and you’re over age 59 1⁄2.
• There’s no required age at which you must start taking distributions.
• Consult your tax advisor for more information.

For more information, contact a Personal Banker. Click here for locations.