Personal Deposit Products

Personal Checking

Colombo Bank makes it easy to choose a checking account that is right for you. From full service checking accounts with low balance requirements to interest earning NOW accounts, Colombo Bank has the checking product to satisfy your banking needs. Enjoy all the conveniences of a large institution with the personal touch only a community bank can provide.

FEATURESNOW INTEREST CHECKINGCLASSIC CHECKING
Description Earn interest with a full service checking account. Full service checking account with low minimum balance requirement.
Earns Interest Yes N/A
Unlimited Check Writing Privileges Yes Yes
Minimum Opening Deposit $250 $50
Monthly Maintenance Fee $10 $8
Daily Account Balance Requirement to Avoid Monthly Maintenance Fee $1,000 $250
Free MasterCard Debit Card Yes Yes

Access to 55,000 Allpoint No-Fee ATMs

Yes Yes
Free Online Banking with Bill Payment Yes Yes
Free Online eStatements Yes Yes
Free Check Images with statements. Yes Yes
Free 24 hour Telephone Banking Yes Yes

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Personal Savings

Colombo Bank is here to help you meet your savings goals with a selection of savings and money market accounts. Keep flexible access to your money while earning a competitive interest rate.

FEATURESSTATEMENT SAVINGSMINOR CHILDREN'S SAVINGSPERSONAL MONEY MARKET
Description Statement Savings account is an easy and convenient way to accumulate funds while maintaining liquidity. For your child or grandchild, a Minor Children's Savings account is the idea way to start saving for their future. Adding limited check writing privileges to your tiered interest rate, Money Market account provides flexible access to your money.
Earns Interest Yes Yes Yes
Minimum Opening Deposit $50 $50 $2,000
Monthly Maintenance Fee $5 No monthly maintenance fees $15
Daily Account Balance Requirement to Avoid Monthly Maintenance Fee $300 N/A $2,000
Free ATM Card or MasterCard Debit Card Yes
(ATM Card)
N/A Yes
(Debit Card) 
Access to 55,000 Allpoint No-Fee ATMs Yes N/A Yes
Free Online Banking Yes Yes Yes
Free Online eStatements Yes Yes Yes
Free 24 hour Telephone Banking Yes Yes Yes

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Certificates of Deposit

Our fixed rate certificate of deposit (CD) offers a competitive interest rate and the peace of mind provided by FDIC insurance. You get a fixed interest rate over the life of the CD, which provides stability during uncertain times. With terms from three months to sixty months, you can select a CD that meets your needs. A great option if you're looking for predictable income or a way to grow your savings.

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Retirement Accounts (IRA's)

Individual Retirement Accounts (IRA's) are a great tool for meeting your retirement savings goals, offering tax benefits to those who are eligible. Colombo Bank offers both  Traditional and Roth IRA CD and Savings accounts. Start planning for your retirement today.

  TRADITIONAL IRAROTH IRA
Minimum Opening Deposit CD IRAs - $1,000
Savings IRAs - $50
CD IRAs - $1,000
Savings IRAs - $50

Contribution Limits

If you qualify, you are permitted to annually contribute the following maximum amounts, or 100% of your earned compensation and alimony, whichever is less.

Maximum Contribution Limits:

$5,500 per tax year, under age 50
$6,500 per tax year, age 50 or older

If you qualify, you are permitted to annually contribute the following maximum amounts, or 100% of your earned compensation and alimony, whichever is less.

Maximum Contribution Limits:

$5,500 per tax year, under age 50
$6,500 per tax year, age 50 or older

*Your Roth IRA contribution might be limited based on your filing status and income.

Tax Advantages Earnings compound tax deferred until withdrawn. Earnings are then taxed when withdrawn, usually during retirement when your taxable income may be lower.Contributions may be tax-deductible if certain requirements are met. Earnings are tax-free if the account is open for five years and withdrawn for a qualified reason.You are not required to start withdrawals at age 70½.Contributions may be withdrawn tax-free and IRS penalty-free anytime.
Withdrawals You may withdraw without incurring a 10% IRS premature-distribution penalty:
  1. Upon reaching age 59½
  2. For qualified educational expenses
  3. For a first-time home purchase (lifetime maximum of $10,000 per individual)
  4. Upon disability
  5. For catastrophic medical expenses
  6. For eligible medical insurance payments
Withdrawal of any earnings and deductible contributions still result in taxable income.
Contributions may be withdrawn tax-free and IRS penalty-free anytime.Earnings may be withdrawn tax-free and IRS penalty-free for any of the following qualified reasons after the account has been open for five years or longer:
  1. After owner reaches age 59½
  2. Upon disability
  3. Upon death
  4. For a first-time home purchase (lifetime maximum of $10,000 per individual)
Distributions Required at age 70½. Not required.

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