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See the charts to learn more about our CDs, IRAs, and HSAs.  Click on the account name for additional information about each type of account.

CDs and IRAs

Description

Certificates of Deposit (CDs)

This secure and stable account is an important part of any financial plan.

Individual Retirement Accounts (IRAs) 

This account allows you to start saving now for your retirement.

Terms and Types 3 months to 5 years 1 to 5 years
Minimum Opening Deposit $500 $500
Compounding Method Daily Daily
Interest Payment Options Added to your CD Paid monthly or quarterly by check Transferred directly to another South Atlantic Bank account Added monthly to your IRA
Early Withdrawal Penalty Terms of 365 days or less: 3 months’ interest Terms of 366 days or more: 6 months’ interest Terms of 365 days or less: 3 months’ interest Terms of 366 days or more: 6 months’ interest
Telephone Banking Yes Yes
Online Banking Yes Yes

HSAs

A personal account that can be used to pay for current and future medical expenses. Earnings and withdrawals are tax-free when used to pay qualified medical expenses.  Contributions are tax deductible up to the annual contribution limit.* Funds remaining in the account at the end of year roll over into next year.

Description Health Savings Account
Minimum Opening Deposit None
Set Up or Transaction Fees None
Maintenance Fee $3 per month ($36 annually)
Access to Funds By check, South Atlantic Bank Debit MasterCard or Bill Pay
Eligibility Must be covered by a high deductible health plan (HDHP)*

*Consult your tax advisor regarding the potential tax benefits applicable to Individual Retirement Accounts and Health Savings Accounts.

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Certificates of Deposit

A wide variety of terms to choose from, competitive rates of interest, and the safety of FDIC insurance make our CDs an appealing investment option.

Features and Benefits
  • FDIC Insured
  • Low minimum opening deposit of $500
  • Terms as short as 3 months or as long as 5 years
  • Competitive rate of interest compounded daily to help you save even more.
  • Multiple interest payment options depending on your needs – interest can be rolled back into the CD, paid to you monthly or quarterly by check, or transferred to the South Atlantic Bank account of your choice
  • Free Online Banking
  • Free Telephone Banking Penalties for early withdrawal apply*

* Terms of 365 days or less:  3 months’ interest
Terms of 366 days or more:  6 months’ interest

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Individual Retirement Accounts

It’s never too early to start saving for retirement.  You will be amazed at how your savings can grow over the years with regular deposits and interest compounding.

Features and Benefits
  • FDIC Insured
  • Low minimum opening deposit is just $500
  • Competitive rate of interest compounded daily  to help you save even more
  • Choose from Traditional, Roth, or Roth Conversion IRAs
  • Free Online Banking
  • Free Telephone Banking
  • Penalties for early withdrawal apply*

* Terms of 365 days or less:  3 months’ interest
  Terms of 366 days or more:  6 months’ interest

Consult your tax advisor regarding the potential tax benefits applicable to Individual Retirement Accounts.

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Health Savings Accounts

If you are currently in a high deductible health care plan, a Health Savings Account may be right for you.  It allows you to put aside funds in the event of current or future medical needs.  Let this account provide you with peace of mind that comes with planning ahead for contingencies.

Features and Benefits
  • No set up fees!
  • Low monthly maintenance fee
  • Earnings and withdrawals are tax-free when used to pay qualified medical expenses.* 
  • Tax-deductible contributions
  • Any funds remaining in the account at the end of the year automatically roll over into the next year.

*Consult your tax advisor regarding the potential tax benefits applicable to Health Savings Accounts.