Maximize Your Business Investments
At Bank of Vernon, we recognize the importance of safeguarding your business's financial assets while ensuring they continue to grow. That's why we offer a range of investment options tailored to meet your specific needs, including traditional CDs, IRAs, and our specialized services, CDARS® (Certificate of Deposit Account Registry Service®) and ICS® (Insured Cash Sweep®).
CDARS® and ICS®: Tailored Financial Solutions
CDARS® is the perfect solution for businesses seeking to earn CD-level interest rates with the convenience of working with one bank, one rate, and one statement. It's a streamlined approach to securing multi-million-dollar FDIC insurance coverage on your deposits while enjoying the stability and predictability of a fixed-rate investment, making your financial management a breeze.
ICS® is the ideal choice for businesses looking to earn interest on excess cash balances with easy access. ICS® allows you to place funds in money market deposit accounts, offering up to six monthly withdrawals. It's a flexible solution that ensures your cash works for you, giving you the power to manage your finances effectively, even when it's not tied up in long-term investments.
Traditional CDs and IRAs: Secure and Reliable Growth
In addition to CDARS® and ICS®, Bank of Vernon offers a variety of traditional Certificates of Deposit (CDs) and Individual Retirement Accounts (IRAs) designed to help your business grow its savings securely.
- CDs: With a minimum balance of $1,000, you can open a CD with fixed rates for terms ranging from 6 months to 5 years, including special offers on 4-year prime rates and step-up options. CDs offer predictable growth with the security of FDIC insurance.
- IRAs: Start planning for the future with an IRA. With flexible options, including a 3-year floating rate IRA and educational IRAs, your business can take advantage of tax-advantaged growth for long-term financial security.
Why Choose Bank of Vernon?
By choosing Bank of Vernon, your business benefits from trusted local expertise, competitive interest rates, and the security of FDIC insurance across all accounts. We designed our services to streamline your financial management, reduce administrative burdens, and ensure the safety and growth of your investments, giving you the confidence to focus on your business.
Explore your options today and discover how Bank of Vernon can help your business maximize its financial potential with CDs, IRAs, CDARS®, and ICS®.
Smart Investing with CDARS®
Earn CD-Level Interest and Access Multi-Million-Dollar FDIC Insurance Benefits of Using CDARS®
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One Bank
With CDARS®, access multi-million-dollar FDIC insurance through Bank of Vernon without needing multiple bank relationships. This streamlined process ensures your peace of mind. - One Rate
Earn a competitive rate for each CD maturity at Bank of Vernon, often comparable to U.S. Treasuries. The reinvestment process is simple, keeping your funds growing efficiently. - One Statement
Receive one easy-to-read statement summarizing all your CD holdings, reducing paperwork and simplifying financial management.
How CDARS Works
Bank of Vernon simplifies the CDARS® process for you. We distribute your large deposits into CDs issued by other banks in the CDARS® Network, ensuring complete protection of your principal and interest. This means you can enjoy the benefits of CDARS® without the complexity of dealing with multiple banks.
- Reduced Administrative Burdens
With CDARS®, you can avoid the hassle of opening accounts at different banks and manually consolidating statements and interest disbursements. This not only saves time but also simplifies your financial management, especially during tax and financial reporting seasons. - Confidential Information Protection
Bank of Vernon ensures your confidential information remains protected so you can invest confidently.
Summary
Investing in CDARS® through Bank of Vernon combines competitive CD-level interest rates with the peace of mind of multi-million-dollar FDIC insurance. Enjoy simplified financial management, reduced administrative burdens, and secure investments with exceptional service.
Getting Started Using ICS®
The Insured Cash Sweep® (ICS) service offers peace of mind with multi-million-dollar FDIC insurance for large deposits, interest on excess cash balances, and easy access to your funds. Bank of Vernon's ICS service ensures secure deposits, interest earnings, and accessible funds.
Benefits of Using ICS
- Peace of Mind
Enjoy multi-million-dollar FDIC insurance coverage across various institutions, providing security for your investments. - Earning Interest
Maximize returns on idle cash with interest in money market deposit accounts, keeping your funds safe and accessible. - Easy Access to Funds
Access your ICS deposits up to six times monthly, allowing efficient fund management without hindering access.
How to Open your ICS Account
- Sign the Agreements
Start by signing an ICS Deposit Placement Agreement and a custodial agreement with Bank of Vernon, outlining the service's terms and conditions. - Set Up an Account
You can use an existing checking or transaction account or establish a new one. Bank of Vernon will transfer your funds to other ICS Network institutions without fees.
Additional Information
- Security and Transparency
Your money is always on deposit in regulated, FDIC-insured institutions, with online access to check balances. Confidential information remains protected. - Compatibility with CDARS®
If you are an existing CDARS® customer with funds under the same tax ID. ICS will recognize your placements and exclusions, ensuring seamless management. - Work with a Trusted Partner
Bank of Vernon provides security, profitability, and convenience through the ICS service. Enjoy peace of mind, yield, and easy access to your funds, managed by a reliable financial partner.
Traditional CDs & IRAs
Secure Your Business's Future
At Bank of Vernon, we understand the importance of stability and growth for your business's financial future. Our traditional Certificates of Deposit (CDs) and Individual Retirement Accounts (IRAs) provide a secure and reliable way to grow your business's savings while ensuring long-term financial health. Whether you're looking to lock in competitive interest rates or plan for future expenses, our CDs and IRAs offer the flexibility and security your business needs.
Certificates of Deposit (CDs)
Our CDs are an excellent choice for businesses seeking predictable investment returns. With a minimum balance of $1,000, you can open a CD and earn fixed interest rates over a term that suits your business's needs.
Our CDs are an excellent choice for businesses seeking predictable investment returns. With a minimum balance of $1,000, you can open a CD and earn fixed interest rates over a term that suits your business's needs.
Flexible Terms: Choose from 6 months to 5 years, with special offers available, including a 4-year Prime Rate CD and 3-year & 5-year step-up rates (one-time step-up).
Secure Growth: CDs offer guaranteed returns with the security of FDIC insurance, ensuring your business's funds are protected.
Early Withdrawal Penalties: Remember that early withdrawals may incur penalties, encouraging disciplined saving.
Secure Growth: CDs offer guaranteed returns with the security of FDIC insurance, ensuring your business's funds are protected.
Early Withdrawal Penalties: Remember that early withdrawals may incur penalties, encouraging disciplined saving.
Individual Retirement Accounts (IRAs)
Strategic future planning is crucial, and our IRAs offer a tax-advantaged approach to securing long-term financial stability for your business. Whether you're investing in retirement plans for yourself or establishing Educational IRAs for employees, Bank of Vernon provides tailored solutions to meet your business's specific financial goals.
Flexible Investment Options: Open an IRA with a minimum balance of $1,000 for fixed rates or as low as $100 for a 3-year floating rate IRA or Educational IRA.
Contribution Limits: For 2024, the yearly contribution limit is $7,000 for individuals under 50, $8,000 for those over 50, and $2,000 for Educational IRAs.
Secure Your Future: Our IRA options include fixed rates with terms from 1 to 5 years and a 3-year floating rate, allowing you to choose the best fit for your retirement goals.
Convenient Account Management
Manage your CDs and IRAs easily using Bank of Vernon's online and mobile banking services. Whether you need to check your balance, review your investment terms, or transfer funds, our digital platforms make it simple and convenient.
Online & Mobile Banking: Access your accounts anytime, anywhere.
X-Press Banking: Enjoy quick and easy phone banking services for your accounts.
Easy Rollovers and Transfers: Our experienced team can assist you in seamlessly rolling over or transferring existing accounts to Bank of Vernon.
Bank of Vernon is a full-service Community Development Financial Institution with locations in Mississippi and Alabama.