Business Savings Accounts

Statement Savings Business Money Plus/Money Market Premium Savings Certificates of Deposit
Minimum Opening Balance/Minimum Daily Balance Requirements $100 $1,000 Minimum Opening Deposit only $25,000 $1,000
 Interest Bearing Yes Tiered based on average daily balance Tiered based on average daily balance Based on term/maturity of certificate (30 days to 60 months)
 Statements Quarterly Monthly Monthly N/A
FDIC Insured Yes Yes Yes Yes
Direct Deposit and “Bank by Mail” Available Yes Yes Yes N/A
Automatic Transfer Options Available (Limitations apply) Yes – Call for details Yes – Call for details Yes – Call for details N/A
Accessible in person or via ATM and by Telephone or Internet Banking (Limitations apply) Yes Yes  – Also via check and debit card Yes Withdrawals prior to maturity are subject to penalty

Individual Retirement Accounts (IRA)

  • Traditional IRA
  • Roth IRA
  • SEP IRA
  • Coverdell Education Savings Account (formerly known as “Educational IRA”)

Because each individual investor’s financial situation and retirement plan differs, it is recommended that you seek counsel from your financial advisor or accountant to determine which product is most appropriate for your circumstance. Shelby State Bank’s trained banking staff, as well as SSB Financial Services investment executive, James Stovall, will be happy to work with you to help you reach your retirement goals.

Note: Please take advantage of our easy to use financial calculators calculators for your savings & interest calculations.

FDIC Deposit Insurance Estimator

For the latest information on FDIC deposit insurance coverage or to estimate your current FDIC deposit insurance coverage, please visit the FDIC (Federal Deposit Insurance Corporation) website at: www.fdic.gov/edie