Skip to main content
About CSB
CSB Offers 26-Month CD Special - Click here to learn more!
April 23, 2018
As of Monday April 23, 2018, CSB is offering the following Step Up CD special: 26 month 2.25% APY1,2 ($2,000.00 minimum opening balance)The...
CSB Collects Care Items for Deployed Soldiers
March 30, 2018
Part of the CSB culture is giving back to our communities. Community State Bank is a designated Home Base Iowa business, so we are gathering care...
CSB Offers First-Time Home Buyer Savings Account
January 30, 2018
Your home is one of the largest investments you’ll ever make. Now you can save for your down payment the smart way - with a First-Time Homebuyer...
Protect Yourself from Fraud This Tax Season
January 30, 2018
As the 2018 tax season gets underway, Community State Bank is urging taxpayers to take extra precaution when filing their return to prevent their...
Safeguard Your Card with CardValet!
January 1, 2018
Safeguard your CSB debit card with CardValet! This mobile app allows you to use your smartphone to turn your debit card "on" or "off" any time....

CSB Offers First-Time Home Buyer Savings Account

Filed under "News"
More articles »


Tuesday, January 30, 2018

Your home is one of the largest investments you’ll ever make. Now you can save for your down payment the smart way - with a First-Time Homebuyer Savings Account. Not only does it help you save, but you may be eligible for a tax deduction2 from a portion of your contribution to the savings account.

A First-Time Homebuyers1 Savings Account is a deposit account created for the purpose of saving for a down payment for a single-family, primary residence in the state of Iowa.

If you open an individual savings account, you may be eligible for a state tax deduction2 of $2,000. If you open a joint savings account and file your taxes jointly you may benefit from a $4,000 state tax deduction.2 Interest earned on the account is not taxable.

Contact your CSB Personal Banker to start saving today!

1Iowa Senate File 505 defines a first time homebuyer as an individual who is a resident of Iowa and who does not own, either individually or jointly, a single-family or multi-family residence for a period of three years prior to the date on which the individual is named as a designated beneficiary of a first-time homebuyer savings account and the date of the qualified home purchase for which the eligible home costs are paid or reimbursed from a first-time homebuyer savings account. 2You may be eligible for an annual tax deduction up to 10 times a maximum of 10 years. These tax deductions are state only and cannot be claimed on a federal tax return. Please consult your tax advisor, prior to opening a First-Time Homebuyers Savings Account, as we do not provide tax or legal advice.
The First-Time Homebuyers Savings Account must be open a minimum of 90 days before funds can be used toward a qualified home purchase. The funds should be used by January 1 of the 10th year, following the year they opened the account.
CARD ACTIVATION/PIN SELECTION: (800) 992-3808 CUSTOMER CARE:  (515) 331-3100
LOST/STOLEN DEBIT CARDS:  (800) 472-3272 TOLL FREE:  (844) 218-3100
FRAUD ASSISTANCE:  (800) 262-2024 TELEBANK:  (515) 224-8181
FRAUD ASSISTANCE (OUTSIDE U.S.): (973) 682-2652 EMAIL US: Click here
EMAIL US SECURELY USING ZIX: Click Here  

(515) 331-3100
Toll free: (844) 218-3100
Email Us: Click Here
FAX: (515) 252-1105
URL: http://www.bankcsb.com

Community State Bank
P.O. Box 127
Ankeny, IA 50021

You are now being directed to a section of the CSB website containing products that are not insured by the FDIC; not a deposit or other obligation of, or guaranteed by, the depository institution; subject to investment risks, including possible loss of the principal amount invested.


Community State Bank does not provide, and is not responsible for, the product, service or overall website content available at linked websites. Community State Bank's privacy polices and security standards do not apply to linked websites. Viewers should consult the privacy and security disclosures on linked websites for further information.

To continue to the linked website, click the Continue button.