Commercial Bank of Grayson offers a variety of deposit accounts and services with you in mind. Our staff would be happy to assist you in finding the right account that best fits your needs. Contact a New Accounts Representative at 606.474.7811 today!
- Minimum deposit to open - $100
- Interest bearing
- 6 transfers or withdrawals per month
- Service charge fee - $2.00 after the first year if balance falls below $200.
- Vacation and Christmas Clubs available
Certificates of Deposit
A Certificate of Deposit (CD) is a great option for long-term savings in mind. Similar to a savings acc ount, in that they are virtually risk-free and protected by the FDIC just as your other deposits with us are. They are different however from a general savings account in the fact that a CD has a specific term set by you from our available options. These term options have varying fixed interest rates assigned to them and will remain the rate of interest you acquire dependent on the term you select, should you maintain that CD for the duration of the term. Failure to hold the CD until maturity could result in a penalty, all dependent on the specifics of the CD and the date of redemption. It is intended that a CD will be held to maturity, at which time the owner may redeem their funds deposited and the accrued interest. Sometimes customers may have the option of receiving the accrued interest in fixed periods thru the duration of the CD’s term.
Traditional and Roth IRA’s
Saving for Retirement… When is it a good time to start? What are my Options?
Many people face this difficult question as they climb closer towards the age in which they have set to retire. It is important to consider planning to save aside money for those years and in your planning it is good to consider the benefits of an Individual Retirement Arrangement or better known as an IRA. The bank offers assistance in creating for you IRA Account(s) for your retirement savings. Both Traditional and Roth IRAs can be started and maintained at the bank.
For information on setting up an IRA or rolling over an old 401k from an employer managed account to an IRA please contact one of your New Account Representatives at 606.474.7811.