General
CD's
Money Market Account
Retirement
IRA's
General
Q: How do I establish an account with Security Savings Bank?
A: Simply Click Here for the online application, print it, complete it, and mail it, with your initial deposit, to:
Security Savings Bank
3019 St Rose Parkway
Suite #100
Henderson, NV 89052
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Or call 1-888-703-5414 to speak with one of our Personal Banking Officers.
Q: How will I receive my statements?
A: Your statements will be sent to you by U.S. mail monthly or quarterly, depending on the terms of your account.
Q: Can I speak with a live person?
A: Our service professionals are available from 9:30 AM to 4:00 PM (Pacific Time) Monday - Friday. Simply call 702-260-4141 or call toll-free 888-703-5414 or send an email to info@bankplace.com.
Q: Where can I obtain more information on the FDIC with specific information regarding coverage to my account(s)?
A: To view the FDIC insurance coverage information, go to www2.fdic.gov/edie.
CD
Q: What is the minimum deposit to open a CD?
A: $1,000.00 for our regular CD's.
Q: What are your current CD interest rates?
A: Click here for current rates.
Q: How is interest paid on CDs?
A: CDs compound interest daily and the interest is credited to your account quarterly. The option of receiving monthly interest checks is also available.
Money Market Account
Q: What is the minimum deposit to open a SecurityAdvantageSM money market account?
A: $1,000.00.
Q: What is the monthly service charge?
A: A balance of $1,000.00 must be maintained and there are no monthly service charges. However, there is a low balance fee assessed if the account does not maintain a balance of $1000.00.
Q: What are your current money market interest rates?
A: Click here for current rates.
Q: How will I receive my statements?
A: Your statements will be sent to you by U.S. mail each month.
Q: Are my deposits FDIC insured?
A: Yes, Security State Savings' accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $100,000.00. To view the insurance coverage on your deposits, go to www2.fdic.gov/edie.
Retirement
The information contained in regards to retirement should not be acted upon without professional advice and the Q & A below is intended to be helpful and should not be considered advisory without consulting a professional about your specific situation.
Q: Am I saving enough for my retirement?
A: This is the most often asked of all retirement questions and coming up with the answer requires you to make an enormous number of assumptions. However, start by calculating how much you are saving now (the national savings rate is 2.4% of household income) and choose a savings target for the future. And make the most of the resources you have by 1) maximize contributions to your tax-deferred plans, and 2) keep spending in check, and 3) stay financially flexible, and finally 4) boost your earnings.
Q: What are the benefits of establishing an IRA?
A: The primary benefit of establishing an IRA is the source of income it may provide during retirement. IRA owners may be eligible for tax deductions for contributions made to an IRA. IRA's also provide tax-deferred growth on the earnings.
Q: Is an IRA owner required to designate a beneficiary(ies) when establishing his/her IRA?
A: No. The advantage of naming a beneficiary(ies) is that upon death the IRA assets go directly to the beneficiary(ies) without going through probate. The IRA assets may become part of the probate process if the IRA owner does not name a beneficiary(ies).
Q. What is a rollover?
A: An IRA to IRA rollover occurs when an individual takes an IRA distribution and deposits the assets back into a "like" IRA within 60 days of the date of receipt. This avoids taxation on the distribution and a possible 10% prematurity penalty.
IRA's
Q: What is an IRA?
A: This is a program for an individual to develop his or her own retirement account. The earnings of the account grow tax-deferred until withdrawn.
Q: What kinds of IRAs does Security Savings Bank offer?
A: We offer Rollover and Traditional IRA savings products. Contributions to a Traditional IRA may be deductible. Please consult with your tax advisor to determine potential tax benefits.
Q: How much may I contribute to an IRA?
A: You may contribute up to the lesser of $3,000.00 or your annual earnings. Your non-working spouse may also contribute up to $3,000.00 if your joint income equals or exceeds the amount you both contribute.
Q: How do I get a Security Savings' IRA?
A: Simply call our customer service representatives at 1-888-703-5414 and indicate your interest in opening an IRA. We will then send you the appropriate documents for opening an IRA account.
Q. What are your current IRA interest rates?
A: Click here for current rates.
Q: How do I transfer my IRA account from my current custodian?
A: Simply call our customer service representatives at 1-888-703-5414 and indicate your interest in opening an IRA. We will then send you the appropriate documents for opening an IRA account.
Q: How do I take a distribution?
A: Simply call Security State Savings Bank at 888-703-5414 or 702-260-4141 to request a distribution form. Once we receive your completed form, we will then liquidate your assets as required and transfer the monies to another Security Savings' account, or provide you with a check or an electronic transfer to another account.
Q: What is a mandatory distribution?
A: In a Traditional IRA, you are required by law to begin taking distributions from your IRA in the year you reach age 70½. The amount of the distribution is based on your age and the value of your account. Internal Revenue Service Publication 590 (www.irs.ustreas.gov/forms_pubs/index.html) provides the information to calculate the minimum distribution.
Q: How often are distributions allowed?
A: Distributions are made monthly and you may take a distribution less frequently, if desired.
Q: What is the tax consequence of taking a distribution?
A: Distributions from a Traditional IRA are treated as income to you. You will receive an IRS form 1099R each January summarizing the amount distributed and the taxes withheld, if any.
Q: What are the tax consequences of an "early" withdrawal?
A: An "early" withdrawal is generally one taken before age 59½ in a Traditional IRA. In addition to the amount added to your income, the IRS may assess an additional 10% penalty. Consult your tax advisor for further details.
Q: What type of IRA is best for me?
A: We recommend that you talk to your financial/tax advisor to determine what type of IRA is best for you.
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