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All First National Bank locations will be closed on Monday, November 12, 2018, in observance of Veterans Day.

Business Certificate of Deposits and Individual Retirement Accounts

Business Certificate of Deposits

CDs are one of the safest and most simple ways to earn interest. Various terms, ranging from 91 days to 60 months, are available to meet your financial needs. Minimum balance required to open a Certificate of Deposit is $500.

  • 91 day
  • 182 day
  • 12 month
  • 18 month
  • 24 month
  • 30 month
  • 60 month Bump Up CD**

**The interest rate for this certificate may be adjusted one time during the term, at the customer’s request, to the rate available on First National Bank time deposits with the same or shorter term as the remaining term of this certificate at the time of election. No other changes will be permitted. The new rate will be effective from the date First National Bank of Bastrop receives notification of the election and will continue for the remainder of the certificate term. The new rate will not be applied retroactively.

This CD will not renew. Upon maturity, the customer will need to close the original CD and open a new CD with a current CD term available at that time. A 6 month interest penalty may be accessed for early withdrawal.

Click here for interest rate and annual percentage yield (APY) information.

After the CD is opened, you may not make additions into the account until the maturity date stated on the account. You may make withdrawals of principal from your CD prior to maturity, but the withdrawals are subject to early withdrawal penalties.

Penalties for early withdrawal based on the term of the CD.

  • Up to 12 month – 30 days' interest calculated on the amount withdrawn.
  • 12 - 30 month – 90 days' interest calculated on the amount withdrawn.
  • 60 month - 180 days' interest calculated on the amount withdrawn.

To open a business CD, you must provide a tax ID number and business documents.

Business Individual Retirement Accounts

Simplified Employee Pension Plan (SEP)

A SEP plan allows employers to contribute to traditional IRAs (SEP-IRAs) set up for employees. A business of any size, even self-employed, can establish a SEP.

Simplified Employee Pension (SEP) plans can provide a significant source of income at retirement by allowing employers to set aside money in retirement accounts for themselves and their employees. A SEP does not have the start-up and operating costs of a conventional retirement plan and allows for a contribution of up to 25 percent of each employee’s pay.

  • Available to any size business
  • Easily established by adopting Form 5305-SEP, a SEP prototype or an individually designed plan document
    • If Form 5305-SEP is used, cannot have any other retirement plan (except another SEP)
  • No filing requirement for the employer
  • Only the employer contributes
    • To traditional IRAs (SEP-IRAs) set up for each eligible employee
    • Employee is always 100% vested in (or, has ownership of) all SEP-IRA money

SIMPLE IRA Plan

A SIMPLE IRA plan (Savings Incentive Match Plan for Employees) allows employees and employers to contribute to traditional IRAs set up for employees. It is ideally suited as a start-up retirement savings plan for small employers not currently sponsoring a retirement plan.

SIMPLE IRA plans can provide a significant source of income at retirement by allowing employers and employees to set aside money in retirement accounts. SIMPLE IRA plans do not have the start-up and operating costs of a conventional retirement plan.

  • Available to any small business – generally with 100 or fewer employees
  • Easily established by adopting Form 5304-SIMPLE, 5305-SIMPLE, a SIMPLE IRA prototype or an individually designed plan document
  • Employer cannot have any other retirement plan
  • No filing requirement for the employer
  • Contributions:
    • Employer is required to contribute each year either a:
      • Matching contribution up to 3% of compensation (not limited by the annual compensation limit), or
      • 2% nonelective contribution for each eligible employee
        • Under the “nonelective” contribution formula, even if an eligible employee doesn’t contribute to his or her SIMPLE IRA, that employee must still receive an employer contribution to his or her SIMPLE IRA equal to 2% of his or her compensation up to the annual limit of $255,000 for 2013 (subject to cost-of-living adjustments in later years)
    • Employees may elect to contribute
    • Employee is always 100% vested in (or, has ownership of) all SIMPLE IRA money