Deposit Products
  

All of Century Bank's deposit products are designed to meet the needs of our customers.  We realize that people have different needs, are in different stages of their life or have different goals.  That's why we designed a variety of products to try and meet those needs.

Please click on any of the below links for further information or call Century Bank at 712-246-2205 or 877-262-7436, and we'll be glad to help. 

 

Checking Accounts

 

Savings & Health Savings Accounts 

 

 

 

  Certificate of Deposit

 

Individual Retirement Accounts (IRAs)

 

 

 

ATM/Debit Card Information

 

 ATM Locations

  
  
BanClub Checking
  

This account is packed with extras:
  • Minimum initial deposit $100.00
  • No minimum balance
  • Accidental death and dismemberment insurance
  • $100,000 Common Carrier Insurance
  • Free Standard Checks 
  • Free ATM card/debit card
  • Free Online Banking/Telebanking
  • Free Bill Payer
  • Free Mobile Banking 
  • Free Cashier's checks above $1,000

Fees:
Basic Plan:  $10,000 coverage - $7.50/month
Family Plan:  $30,000 family coverage, and $2,500 per child - $9.50 per month

If you are age 75 or better, coverage is reduced by 50 percent.

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Priority Checking
  

A basic checking account with additional benefits:
  • Minimum initial deposit - $200.00
  • Free ATM/debit card
  • Free Online Banking/Telebanking
  • Free Mobile Banking 
  • Free Bill Payer
  • Discounted Check Prices

Fees:  None, if balance is maintained at $200.00 or more.  If account falls below $200.00, a fee of $10.00 is imposed per month.

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Priority Plus/Direct Deposit* Checking Plus
  

*Direct deposit is required
  • Minimum initial deposit - $100.00
  • Free ATM card/debit card
  • Free Online Banking/Telebanking
  • Free Mobile Banking
  • Free Bill Payer
  • Discounted Check Prices
  • Free Cashier's checks above $1,000.00
Fees:  None, if balance is maintained at $100.00 or more.  If account falls below $100.00, a fee of $10.00 is imposed per month.

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Free Checking
  

A great basic checking account:
  • Unlimited check writing
  • Online statements
  • Free Online Banking/Telebanking
  • Free Mobile Banking
  • Free ATM card/debit card
Fees:  None, no minimum balance requirements.

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Premier Checking
  

A checking account that earns interest:
  • Minimum initial deposit of $1,000.00
  • Free ATM card/debit card
  • Free Online Banking/Telebanking
  • Free Mobile Banking
  • Free Bill Payer
  • Discounted Check Prices
  • Free Cashier's checks above $1,000.00
  • Free Medallion Stamp Service

Please see deposit rates for current rates.

Fees:  None, if balance is maintained at $1,000.00 or more.  If account falls below $1,000.00, a fee of $20.00 is imposed per month.

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Adventure Club Checking
  

Only available to Club members - A checking account that earns interest:
  • Free ATM card/debit card
  • Free Online Banking/Telebanking
  • Free Mobile Banking
  • Free Bill Payer
  • Discounted Check Prices
  • Free Cashier's checks above $1,000.00
  • Free Money Orders

Please see deposit rates for current rates.

Fees:  None

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Savings Accounts
  

Account Comparison Chart

   

Not sure which account is right for you?  Then please try our account comparison chart

   

 Savings Account Types

Savings 

 Money Market

 Minimum Opening Deposit

$100.00 

 $2,500.00

 Monthly Fee

 None, if balance is maintained at $100.00 or more.  If account falls below $100.00, a fee of $10.00 is imposed per month. 

Limit of 9 internal transfers and 9 ATM/Online Banking transfers per quarter, then $2.00 per transaction after that.

None, if balance is maintained at $2,500.00 or more.  If account falls below $2,500.00, a fee of $10.00 is imposed per month.

Limit of 3 checks per month and 3 internal/ATM/Online Banking transfers, then $2.00 per transaction after that.  

Interest 

Yes 

Yes 

 Features

Tiered interest at $100.00, $500.00 and $1,000.00 

Free Checks

Free Medallion Stamp Service 

 

 A minor's account will have no minimum requirements and no fees.

 

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Health Savings Accounts
  

A Health Savings Account is an account that helps people with qualified high deductible plans (HDHPs) save money to pay out of pocket expenses, such as, doctor visits, dental visits, vision care and prescriptions. 

Free Interest Bearing Account -
-Free Online Statements (paper statements are $2.00 per statement)

A comparison of the 2016 and 2017 limits:   
 

FOR 2017

For 2016

Change

HSA Contribution Limit
(Employee + Employer)
Self Only:  $3,400

Family:  $6,750

Self Only:  $3,350

Family:  $6,750

Self Only:  +$50

Family:  No Change
HSA Catch Up Contributions
(age 55 or older)*
$1,000  $1,000  No Change** 
HDHP Minimum Deductibles  Self Only:  $1,300

Family:  $2,600
 Self Only:  $1,300

Family:  $2,600
Self Only:  No Change

Family:  No Change
HDHP Maximum Out of Pocket Amounts
(deductibles, co-payments and other amounts, but not premiums)
 Self Only:  $6,550

Family:  $13,100
 Self Only:  $6,550

Family:  $13,100
 Self Only: No Change

Family:  No Change

*Catch up contributions can be made any time during the year in which the HSA participant turns 55.

**Unlike other limits, the HSA catch up contribution amount is not indexed; any increase would require statutory change.

    

You are not eligible for a HSA if you are:

  • Covered by another health insurance plan that is NOT a qualified HDHP
  • Claimed as a dependent on another person's tax return
  • Enrolled in Medicare benefits (if you enroll in Medicare and already have an HSA, you can use money in your account, but you cannot make any new contributions.

  
  
Certificate of Deposit
  

A Certificate of Deposit (CD) is an FDIC-insured investment for a specific term.  Century Bank offers a variety of terms, from 91 days to 60 months, to meet your needs.

The minimum initial deposit for all CDs is $500.00.  Interest is compounded at maturity or quarterly, depending on the CD term.  You are notified at the time of maturity and have ten (10) days after the maturity date to notify us if you would like to cash the certificate; otherwise, the certificate will automatically renew.  If any principal is withdrawn before the maturity date, you will receive your accrued interest, but a penalty may be imposed. 

Please see our rate table for specific terms and rates. 

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Individual Retirement Account (IRA)
  

An Individual Retirement Account (IRA) is a tax-deferred investment.  With a Century Bank IRA account, your funds are invested in Certificates of Deposit, with various terms available.  Please see our rate chart for specific terms and rates.  All funds, up to $250,000.00 are FDIC insured.

Century Bank offers the following types of IRAs:

It may be helpful to consult with your tax advisor to determine which account would be best for you.

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Traditional IRA
  

What is a traditional IRA?
A tax-deferred retirement account for an individual that permits individuals to set aside up to $5,500.00-6,500.00 per year, with earnings tax-deferred until withdrawals begin at age 59 1/2 or later (or earlier, with a ten percent penalty).  IRAs can be established at a bank, mutual fund, or brokerage.  Only those who do not participate in a pension plan at work or who do participate and meet certain income guidelines can make deductible contributions to an IRA.  All others can make contributions to an IRA on a non-deductible basis.  Such contributions qualify as a deduction against income earned in that year and interest accumulates tax-deferred until the funds are withdrawn.  A participant is able to roll over a distribution to another IRA or withdraw funds using a special schedule or early payments made over the participants life expectancy.

What are the tax benefits realized from a traditional IRA? 
Generally, you may add up to $5,500.00 or $6,500.00 of earned income to your IRA account each year and have it be either fully or partially tax deductible.  If your contribution is tax deductible, then you receive two tax benefits:  1) an immediate tax savings because you will pay fewer taxes and because of the deduction and 2) the earnings generated by the IRA funds are not taxed until distributed.  If your contribution is not tax deductible, you still receive the tax benefit of tax deferral on the IRA's earnings.  You may also qualify for a new tax credit.

When do I have to establish the traditional IRA?
You have until the due date (without extensions) for filing your federal income tax return, normally April 15, to establish and fund your traditional IRA for the previous tax year.

Am I eligible to contribute to a traditional IRA?
You are eligible for a regular contribution if you do not reach age 70 1/2 in the calendar year for which you wish to make the contribution, and you have compensation (income earned from performing material personal services).  You may also qualify for a rollover or a transfer contribution.

What are the contribution limits for a person under age 50?
Tax Year                              Amount
2004                                  $3,000.00
2005-2007                          $4,000.00
2008-2012                          $5,000.00
2013-2017                          $5,500.00

What are the contribution limits for a person who is age 50 or older?
Tax Year                              Amount
2002-2004                          $3,500.00
2005                                  $4,500.00
2006-2007                          $5,000.00
2008-2012                          $6,000.00
2013-2017                          $6,500.00

When may I start to withdraw money from my IRA?
You may begin withdrawals at any time.  However, you will want to understand the income tax consequences of taking distributions at certain times.

What are the tax consequences of an IRA distribution?
If you have not made any nondeductible contributions, then the distributions will be taxable as ordinary income.  However, if you made both deductible and nondeductible contributions, you will generally not have to pay income tax pro rata on the part of your distribution representing your nondeductible contributions.  Consult your tax preparer or see IRS Publication 590.  Withdrawals from your IRA before you reach age 59 1/2 will generally result in an additional tax of 10 percent of the amount withdrawn.  This 10 percent tax is in addition to the regular income tax on the amount withdrawn.

When am I required to start withdrawing the money in my IRA?
You must make a withdrawal of a minimum amount by April 1 of the year following the calendar year in which you reach age 70 1/2, and by each December 31 thereafter.  The minimum amount is calculated using the IRA minimum distribution rules.

What happens to my IRA when I die?
The funds in your IRA will be paid to your beneficiaries.  Depending on various factors, your beneficiaries may have the potential to withdraw the funds over a number of years.  You will want to understand the various distribution alternatives available on behalf of your beneficiary(ies).  You will want to discuss this subject with your legal or tax advisor. 

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Roth IRA
  

What is a Roth Individual Retirement Account (IRA)?
A new type of IRA, established in the Taxpayer Relief Act of 1997, which allows taxpayers, subject to certain income limits, to save for retirement while allowing the savings to grow tax-free.  Taxes are paid on contributions, but withdrawals, subject to certain rules, are not taxed at all.

What is the tax benefit realized from a Roth IRA?
A Roth IRA will produce tax-free income if certain rules are met.

What is the basic concept of a Roth IRA and what are the associated tax benefits?
If you are eligible, you may make contributions, within limits, to the Roth IRA.  You make these contributions with after-tax dollars.  The earnings realized by the Roth IRA are not presently taxed, and if certain distribution rules are met, will never be taxed.  For example, if you are 42 on January 1, 2002, and you contribute $1,000 a year for 34 years (2002-2035) to a Roth IRA, then your contributions of $34,000 would accumulate to $110,434.88 as of December 31, 2035, if an earnings rate of 6 percent compounded annually was realized.  You and your beneficiary(ies) would, of course, not pay any federal income tax on the contribution amount of $34,000 when distributed, because you cannot claim a tax deduction for your contributions.  However, the great tax benefit to be realized from a Roth IRA is that you and your beneficiary(ies) will not have to include in your taxable income the earnings of $76,434.88 (and subsequent future earnings) when distributed to you or your beneficiary(ies) as long as the distributions are qualified distributions as defined later.  You are not required to withdraw any required distribution amount from a Roth IRA while you are alive.  And, even though your beneficiaries will be required to receive certain required distributions, these distributions will be made over a number of years.  This means the funds (contributions and earnings) inherited within your Roth IRA will continue to accumulate for some time within the inherited Roth IRA and will not be taxed when distributed.  These are great tax benefits.

When do I have to establish the Roth IRA?
You have until the due date (without extensions) for filing your federal income tax return, normally April 15, to establish and fund your Roth IRA for the previous tax year.

Am I eligible to contribute to a Roth IRA?
You are eligible if you satisfy the following two requirements:  (1) you have earned income or compensation; and (2) you meet certain income limitations.  Be aware that you are eligible to make contributions to a Roth IRA even though you are age 70 1/2 or older.  For a given year, you may be ineligible to contribute to a Roth IRA because of income limits, but still be eligible to contribute to a traditional IRA and/or a Coverdell Education Savings Account.

What are the income limits for eligibility purposes?
The compensation range applying to Roth IRA contributions have increased for 2017.

  • The 2017 compensation range applying to a person whose filing status is single, head of household or married filing separately and you did not live with your spouse at any time during the year is $118,000 - $133,000 up from $117,000 - $132,000
  • The 2017 compensation range applying to a person whose filing status is married filing jointly or qualifying widower is $186,000 - $196,000 up from $184,000 - $194,000
  • The 2017 compensation range applying to a person whose filing status is married filing separately and lived with your spouse at any time during the year is unchanged at $0 - $10,000.

What are the contribution limits for a person under age 50?
Tax Year                            Amount
2004                                $3,000.00
2005-2007                        $4,000.00
2008-2012                        $5,000.00
2013-2017                        $5,500.00

What are the contribution limits for a person who is age 50 or older?
Tax Year                            Amount
2002-2004                        $3,500.00
2005                                $4,500.00
2006-2007                        $5,000.00
2008-2012                        $6,000.00
2013-2017                        $6,500.00

When may I start to withdraw money or assets from my Roth IRA?
You may begin withdrawals at any time.  However, you will want to understand the income tax consequences of taking distributions at certain times.

What distributions from a Roth IRA will be tax free?
"Qualified distributions" will be tax free.  To be a qualified distribution, the distribution must occur after you have met the five-year holding requirement, and the distribution is made to you (1) after you have attained age 59 1/2, (2) after you have become disabled, (3) because of a first-time home purchase, or (4) to your beneficiary after your death.

What distributions from a Roth IRA will be taxed?
To the extent that a non-qualified distribution is the return of earnings on your contributions, you will need to include this distribution amount in income and pay the related tax.

Will the 10 percent excise tax ever be assessed?
Yes.  If you are not yet 59 1/2 (and none of the other exceptions apply at the time you withdraw funds from your Roth IRA), then you will be liable to pay the 10 percent excise tax on that portion of the distribution which is taxable.  You will not pay the 10 percent excise tax when your contributions or basis is returned to you.

Must I commence required minimum distributions from my Roth IRA at age 70 1/2?
No.  The required minimum distribution rules for living accountholders (age 70 1/2) do not apply to distributions from a Roth IRA.

What happens to my Roth IRA after I die?
The funds or assets in your Roth IRA will be paid to your designated beneficiaries in any way which either you or they elect, as long as the required minimum distribution rules for inherited Roth IRAs are satisfied over the beneficiary's life expectancy.  As mentioned previously, your beneficiary will generally be able to maintain your Roth IRA as an inherited Roth IRA so that there will continue to be tax-free earnings for many years after your death.

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SEP IRA
  

What is a Simplified Employee Pension (SEP) Plan and who is eligible?
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 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 requirements 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)

Who can participate in a SEP?
An eligible employee is an individual (including a self-employed individual) who meets all the following requirements:

  • Has reached age 21
  • Has worked for the employer in at least 3 of the last 5 years
  • Received at least $600 in compensation from the employer during the year (for 2015, 2016 and 2017)

When must a person start to withdraw the money from the SEP IRA?
With certain exceptions, a person must begin distributions by the first day of April following the calendar year in which he or she attains 70 1/2, and December 31 of each year thereafter.

How will distributions be taxed?
Distributions will be taxed as ordinary income.  If the participant is under age 59 1/2, penalties may apply.

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Educational IRA
  

What is a Coverdell Education Savings Account?
An investment vehicle designed to help parents fund their children's education.  The Coverdell Education Savings Account has replaced the Education IRA.  Contributions to the account are taxed, but earnings used to pay education expenses are not.  The account is transferable among family members.  However, there are several restrictions attached to this account.  Contributions must be made before the beneficiary reaches age 18, unless the beneficiary is a special needs beneficiary.  The entire account has to be disbursed before the beneficiary's 30th birthday, and any withdrawals after this date or for expenses that do not qualify under the act will be subject to income taxes and a penalty.  This account can now be used to pay for elementary and secondary education (kindergarten through grade 12) expenses incurred in a public, private or religious school, as well as for college, technical school or post graduate work.

The contribution deadline is April 15 of the following year, without regard to any tax extension.

Who usually establishes Coverdell Education Savings Accounts?
Parents and grandparents generally are the ones who establish these accounts.  However, there is no legal requirement that a person be a relative when contributing to a Coverdell Education Savings Account.

In fact, new tax law authorizes entities other than individuals to make contributions to a child's Coverdell Education Savings Account.  For example, a nonprofit entity such as a church or foundation could make a contribution to a Coverdell Education Savings Account for a child.

What distributions from a Coverdell Education Savings Account will not be taxed at all?
If money is withdrawn from the Coverdell Education Savings Account and used to pay qualifying education expenses, the designated beneficiary will not be required to pay income tax on the amount withdrawn.  Another way to make this statement is:  distributions from a Coverdell Education Savings Account will be excluded from income tax (i.e. not subject to tax) to the extent that the distributions do not exceed the qualified education expenses incurred by the beneficiary of the account in the year of distribution.

The amount of education expense for which a distribution from a Coverdell Education Savings Account can be used, and not be subject to the tax, must be reduced by the amount of any scholarship, educational assistance allowance, or payment that is excludable from the beneficiary's gross income.

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ATM/Debit Card Information
  

Automatic Teller Machine (ATM) cards are available to Century Bank customers.  They enable customers to get cash and make deposits during or after banking hours.

Debit cards offer the convenience of checking, plus the added value of safety, easy record keeping and affordability.  The amount of the purchase is deducted from your checking account balance. 

Please stop in for further details.

If you lose your card, please call the Bank immediately.  If the Bank is not open, please call 1-800-383-8000.

If you would like to activate your debit card or personalize your PIN, please have your card ready and call 800-717-4923.  Calls must come from a phone on record with Shazam.  If you are unsure about the phone number on record, please call 712-246-2205 during normal business hours. 
   

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ATM Locations
  

Century Bank has 3 ATMs in Shenandoah for your convenience:

  • Main Bank, 116 S. Blossom
  • Inside the Shenandoah HyVee, 500 S. Fremont St.
  • Pella Corporation, 1500 S. Fremont St.

Century Bank customers may also use any "Privileged Status" ATMs surcharge free.  "Privileged Status" is a network of community bank ATMs providing customers with a broad base of surcharge-free ATM locations.

Customers of participating Privileged Status financial institutions can use the ATMs of other participating Privileged Status financial institutions without paying surcharge fees. Look for the Privileged Status logo shown below. You can search for a Privileged Status ATM in a specific area using the Privileged Status ATM Locator.

Click to search for a Privileged Status ATM

 

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NOTICE: Century Bank
116 S. Blossom Shenandoah, IA 51601
(712) 246-2205

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