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CSB Offers CD Special - Click here to learn more!
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As of Wednesday January 31, 2018, CSB is offering the following CD specials: 15 month 1.20% APY* ($7,500.00 minimum opening balance) 17 month...
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...
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As the 2018 tax season gets underway, Community State Bank is urging taxpayers to take extra precaution when filing their return to prevent their...
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CSB Offers First-Time Home Buyer Savings Account

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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.
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