Maximize Your Personal Investments
At Bank of Vernon, we understand the importance of safeguarding your 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®). These options are not only designed to help your money grow, but also to provide you with the security and peace of mind you deserve.
CDARS® and ICS®: Tailored Financial Solutions
- CDARS®: Perfect for individuals seeking to earn CD-level interest rates with the convenience of working with one bank, one rate, and one statement. CDARS® provides you with the stability of a fixed-rate investment, all while securing multi-million-dollar FDIC insurance coverage on your deposits.
- ICS®: Ideal for those looking to earn interest on excess cash balances while maintaining easy access to their funds. ICS® allows you to place funds in money market deposit accounts with up to six monthly withdrawals. It's a flexible solution that ensures your cash works for you, even when it's not tied up in long-term investments.
Traditional CDs and IRAs: Your Path to 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 you grow your 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 your future with an IRA. With flexible options, including a 3-year floating rate IRA and educational IRAs, you can take advantage of tax-advantaged growth for long-term financial security.
Why Choose Bank of Vernon?
By choosing Bank of Vernon, you benefit from trusted local expertise, competitive interest rates, and the security of FDIC insurance across all accounts. We designed our services to simplify your financial management, reduce stress, and ensure the safety and growth of your investments, giving you the confidence to focus on your financial goals. With us, you can be confident that your money is in safe hands and is working for you.
Ready to maximize your financial potential? Explore your options today and discover how Bank of Vernon can help you with CDs, IRAs, CDARS®, and ICS®. Start your journey to financial security now.
Smart Investing with CDARS®
Earn CD-Level Interest and Access Multi-Million-Dollar FDIC Insurance with CDARS
One Bank
With CDARS®, you can access multi-million-dollar FDIC insurance through Bank of Vernon, eliminating the need to maintain multiple bank relationships. This streamlined approach not only ensures your peace of mind but also simplifies your financial management, making your investments simple and secure.
One Rate
Earn competitive interest rates for each CD maturity at Bank of Vernon, often comparable to U.S. Treasuries. The reinvestment process is straightforward, allowing your funds to grow efficiently without the hassle.
One Statement
Receive a single, easy-to-read statement summarizing all your CD holdings. This statement reduces paperwork and simplifies your financial management, making it easier to keep track of your investments.
How CDARS® Works
Bank of Vernon simplifies the CDARS® process for you. We distribute your large deposits into CDs issued by other banks within the CDARS® Network, ensuring complete protection of your principal and interest. You can enjoy the benefits of CDARS® without the complexity of dealing with multiple banks, knowing that your investments are secure.
Reduced Administrative Burdens
Reduced Administrative Burdens
With CDARS®, you avoid the hassle of opening accounts at different banks and manually consolidating statements and interest disbursements. Using Bank of Vernon saves you time and simplifies your financial management, especially during tax and financial reporting seasons.
Confidential Information Protection
Bank of Vernon ensures that your confidential information remains protected, allowing you to invest confidently.
Summary
Investing in CDARS® through Bank of Vernon combines competitive CD-level interest rates with the peace of mind provided by multi-million-dollar FDIC insurance. This unique service not only ensures secure investments but also simplifies your financial management, reduces administrative burdens, and provides the exceptional service you expect from your community bank.
Getting Started Using ICS®
The Insured Cash Sweep® (ICS) Service: Secure Your Savings with Peace of Mind
The Insured Cash Sweep® (ICS) service offers you the security of multi-million-dollar FDIC insurance for large deposits, allowing you to earn interest on your excess cash balances while maintaining easy access to your funds. With Bank of Vernon's ICS service, you can rest assured that your deposits are secure, earning interest, and readily available when you need them.
Benefits of Using ICS
Peace of Mind
Enjoy the confidence that comes with knowing we have protected your deposits with multi-million-dollar FDIC insurance spread across various institutions to safeguard your savings.
Earning Interest
Maximize the returns on your idle cash by earning interest in money market deposit accounts while keeping your funds safe and easily accessible.
Easy Access to Funds
You can access your ICS deposits up to six times per month, allowing you to manage your funds efficiently without sacrificing access when you need it.
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, which will outline the service's terms and conditions.
Set Up an Account
You can use an existing checking or transaction account or open a new one. Bank of Vernon will then transfer your funds to other ICS Network institutions without additional fees.
Additional Information
Security and Transparency
Your money is always held in regulated, FDIC-insured institutions, and you can check your balances online. Your confidential information remains fully 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 deposit management.
Work with a Trusted Partner
Bank of Vernon offers security, profitability, and convenience through the ICS service. Enjoy peace of mind, yield, and easy access to your funds, all managed by a reliable financial partner dedicated to your financial well-being.
Traditional CDs & IRAs
Secure Your Financial Future
At Bank of Vernon, we understand the importance of stability and growth for your financial future. Our traditional Certificates of Deposit (CDs) and Individual Retirement Accounts (IRAs) provide a secure and reliable way to grow your 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 you need, backed by the strength of Bank of Vernon.
Certificates of Deposit (CDs)
Our CDs are an excellent choice for individuals 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 financial goals.
Our CDs are an excellent choice for individuals 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 financial goals.
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 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 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. By investing in an IRA, you can potentially reduce your tax bill and grow your savings faster. Whether investing in your retirement or setting up an Educational IRA, Bank of Vernon provides tailored solutions to meet your 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, giving you peace of mind about your investments.
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.
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.
Start Planning for Your Financial Future Today
With Bank of Vernon's traditional CDs and IRAs, you can enjoy secure, reliable growth and the flexibility to meet your needs. Contact us today to learn more about how our CDs and IRAs can help secure your financial future.
Bank of Vernon is a full-service Community Development Financial Institution with locations in Mississippi and Alabama.