General
CD's
Money Market Account
Now Account
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 |
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 by phone from 8:30 AM to 5:00 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: Are my deposits FDIC insured?
A: Yes, Security Savings' accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to at least $100,000.00. To view the insurance coverage on your deposits, go to www2.fdic.gov/edie.
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 and at maturity. The option of receiving monthly interest checks is also available.
Money Market Account
Q: What is the minimum deposit to open a SecurityAdvantage 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.
NOW Account
Q: Who can open a NOW Account?
A: Eligible depositors include individuals, sole proprietors, nonprofit organizations, government units, certain fiduciaries, and ineligible persons who held similar accounts prior to the federal ownership restrictions. An individual can own a NOW account regardless of whether the purpose of the account is business or personal. Thus, a sole proprietorship can own a NOW account.
Q: What are the benefits of having a NOW account?
A: NOW Accounts typically pay more interest on deposit balances than checking accounts and allow unlimited check writing.
Q: What is the minimum deposit to open a SecurityAdvantageSM NOW account?
A: $1,000.00.
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.
IRA's
Q: What is an IRA?
A: This is a program for an individual to develop his or her own retirement savings account.
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 tax 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 $4,000.00 or your annual earnings. Your non-working spouse may also contribute up to $4,000.00 if your joint income equals or exceeds the amount you both contribute. If you are age 50 or older by the close of the tax year, you may make an additional catch-up contribution of $1000.
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 a Rollover IRA. We will then send you the appropriate documents for opening the account.
Q: How do I take a distribution?
A: Simply call Security Savings Bank at 888-703-5414 or 702-260-4141 to request a distribution form. Once we receive your completed form, we will process your distribution request 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 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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