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IRA

Individual Retirement Account
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The Basics

An Individual Retirement Account (IRA) is a type of savings account that is designed to help you save for retirement and offers many tax advantages. There are two different types of IRAs: Traditional and Roth IRAs. For more information on the difference between the two check out this article by RothIRA.com: Traditional vs Roth IRA

The Perks

IRA- CD and Savings accounts available
Choose Roth or Traditional
Great Savings Tool

The Details

Qualification Requirements

In order to open an IRA CD account you must meet these requirements:
Deposit $250 or more
Agree to keep the money in for set term

The Benefits

IRA Certificate of Deposit Accounts

IRA CD accounts are an excellent way to save for your retirement years with an account that provides tax advantages. Some of the benefits of an IRA CD are:

Great Savings Tool
Choose terms ranging from 12 to 60 months*
Select Traditional or Roth

*A penalty may be imposed for early withdrawal.

IRA Savings Accounts

IRA Savings accounts are another excellent way to save for your retirement years. Some of the benefits of an IRA Savings account are:

Open with just $10
Add to your IRA Savings at any time
Select Traditional or Roth

Have Questions?

We are here to help. Stop in one of our 8 branches or give us a call and we will be glad to answer any questions you may have.
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Related Links

Statement Savings
A Simple Savings Tool
Certificate of Deposits
Another Savings Solution
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Important Notice

Change in Branch Hours

We want to inform you that we are making some changes to our branch office hours. These changes will go into effect on January 1, 2024. Our primary reason for changing our hours is to allow our employees to have a better work-life balance. In-turn, this allows us to better retain our excellent employees which results in even higher standards of customer service that our customers know and love.

View New Hours

We understand that our new hours may affect some of our customers’ normal routines and for that we truly apologize. We recognize change like this can be hard.

  • $1000.00 daily minimum balance to earn interest & avoid a $5.00 monthly service charge.

Qualifying Requirements include:

  • At least 1 bill pay or ACH payment transaction
  • At least 12 debit card purchases

Note: Enrollment in e-Statements is required in order to open a High Interest or Cash Rewards checking account.

IRA Management

Changing jobs or retiring can be an exciting step in your life, but figuring out what to do with your retirement plan and other retirement assets can be confusing. Woodlands Bank Trust & Asset Management Services is here to assist you in making the right choice and will help you to achieve your long-term retirement goals.

Institutional Investment Management

Companies or organizations that hold funds or other assets can rely on Woodlands Bank Trust & Asset Management Services to assist them in managing their resources for long-term benefits. We will provide investment management during a period of time or into perpetuity.

Charitable Investment Management

Non-profit organizations that hold funds or other assets from charitable donations can utilize Woodlands Bank Trust & Asset Management Services to invest those funds for long-term benefits. We will provide investment management during a period of time or into perpetuity.

Executor & Estate Settlement Services

Choosing a qualified executor is essential to the timely and efficient administration of an estate. Our estate settlement services include acting as:

  • Executor
  • Agent for Executor

Estate & Financial Planning Services

The most common mistake in financial planning is not having a plan—having a strong financial and estate plan is vital to your financial health. We will work with you and your estate attorney to craft a plan for your unique needs.

Asset Management & Custodial Services

We will work with an individual to design a portfolio to fit their specific needs and objectives. Our duties will be determined by the type of account chosen.

  • Investment Management Accounts
  • Institutional Investment Accounts
  • Custody Account

Personal Trust Services

A trust permits an individual to carry out personal and financial objectives while providing protection for themselves and their family. The trust agreement sets forth the wishes of the individual, and it is the trustee’s responsibility to carry out those wishes. As a trustee, we will provide impartial advice and counseling for beneficiaries, investment management of the trust assets, continuity of management and a full accounting of all transactions. We offer:

  • Living Trusts
  • Testamentary Trusts (Trusts Under Will)
  • Life Insurance Trusts
  • Special Needs/Situations (Guardianships, Charitable)
  • Agent for Trustee

 

Treasurer's Checks

A Treasurer’s check is drawn on the bank’s own funds and signed by a bank employee. These checks are treated as guaranteed funds because the bank, rather than the purchaser, is responsible for paying the amount. They are commonly required for real estate and brokerage transactions. There is a small fee for these checks and they are only issued to bank customers.

Wire Transfers

Wire transfers help move money electronically from one person to another, domestically and internationally. This is an effective, safe way to transfer funds between banks. For a small fee, our customers can quickly send payments to others. The cutoff time is 1PM for International wires and 2PM for Domestic wires each business day.

Safe Deposit Box

A safe deposit box is located inside a bank vault and is used to store valuables. A financial institution rents out safe deposit boxes, and they can be accessed with keys. For a small annual fee you can safely store your important papers, etc. You can access your box during the bank’s normal operating hours.

Notary Services

In the United States, a Notary Public is a person appointed by a state government and whose primary role is to serve the public as an impartial witness when important documents are signed. This service is available at each office of Woodlands Bank and is only available to bank customers.