Accounts to Focus the Way You Save
A savings account is a great place to start when you're building a savings strategy. But when it's time to start saving more aggressively for a specific purpose, you need a different type of account. PSB Bank offers certificates of deposit (CDs) and individual retirement accounts (IRAs) to help focus your savings strategy. If you're ready to get serious about the way you save, please contact your local PSB Bank office to speak with a member of our banking team.
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Certificates of Deposit
A CD is an ideal account choice for savers looking to maximize returns. CD accounts typically offer better interest rates than traditional savings accounts, allowing you to grow your money faster. Here's how CDs work at PSB Bank:
- Minimum opening deposit:
- Standard CDs: $1,000
- All-Star Youth CD: $300
- Terms ranging from 3 months to 60 months
- Funds are FDIC-insured up to $250,000 per depositor
- Interest can be added to CD balance or deposited into another PSB Bank account
- Multiple options available at full maturity, including withdrawal or reinvestment
CDs must be opened at a PSB Bank office. Please visit your local branch to learn more.
Visit Our Offices View CD Rates
Retirement Accounts
Whether you're just starting your career or are an experienced worker, you can always do more to save for your retirement. PSB Bank offers two retirement account options - Traditional IRAs and Roth IRAs. Each of these accounts have their own benefits and features to help you save more aggressively for when your working days are over.
Traditional IRA
A Traditional IRA allows individuals to save for retirement while potentially reducing taxable income today. Contributions may be tax‑deductible, and earnings grow tax‑deferred until funds are withdrawn in retirement. Taxes are typically paid when money is taken out of the account.
How Taxes Work
- Contributions may be tax‑deductible, depending on income and retirement plan participation.
- Earnings grow tax‑deferred, meaning you don’t pay taxes each year on interest or investment gains.
- Withdrawals in retirement are generally taxed as income.
Who May Benefit Most
Individuals who expect to be in a lower tax bracket in retirement
- Those looking to reduce taxable income today
- Savers who want immediate tax advantages while planning for long‑term retirement income
Roth IRA
A Roth IRA offers a different approach to retirement savings, focusing on tax advantages later in life. Contributions are made with after‑tax dollars, but qualified withdrawals in retirement—including earnings—are generally tax‑free.
How Taxes Work
Contributions are not tax‑deductible.
- Earnings grow tax‑free.
- Qualified withdrawals in retirement are generally not taxed, providing predictable income later in life.
Who May Benefit Most
Individuals who expect to be in a higher tax bracket in retirement
- Younger savers with more time for tax‑free growth
- Those who want flexibility and tax‑free income during retirement
Certificate of Deposit Rates
Rates as of 06/17/2026
|
CD Term |
Interest Rate |
Annual Percentage Yield (1APY) |
Minimum Deposit to Open Account |
Early Withdrawal Penalty (EWD2) |
|---|---|---|---|---|
|
3 Month |
0.50% |
0.50% |
$1,000 |
2% |
|
6 Month |
3.65% |
3.71% |
$1,000 |
2% |
|
12 Month |
3.30% |
3.35% |
$1,000 |
2% |
| 15 Month Special | 3.85% | 3.92% | $1,000 | 2% |
|
18 Month |
3.05% |
3.09% |
$1,000 |
2% |
| 21 Month Special | 4.00% | 4.07% | $1,000 | 2% |
|
24 Month |
2.50% |
2.53% |
$1,000 |
2% |
|
36 Month |
2.25% |
2.27% |
$1,000 |
2% |
|
48 Month |
2.00% |
2.02% |
$1,000 |
2% |
|
60 Month |
2.00% |
2.02% |
$1,000 |
2% |
|
12 Month All-Star Youth |
2.00% |
2.02% |
$300 |
2% |
1APY = Annual Percentage Yield; fees could reduce earnings on accounts.
2An Early Withdrawal Penalty (EWD) may be imposed for early withdrawal.
Interest rates and annual percentage yields are current as of the effective date at the top of this rate sheet. The Minimum Deposit to Open Account Amounts is the minimum balance required to earn the disclosed Annual Percentage Yield. Fees may reduce earnings on the account. All rates are subject to change without notice and a withdrawal of interest will reduce earnings.