Helpful banking articles

It has always been Conway National Bank's mission to provide the most friendly, individualized banking and customer service to our customers, so we decided to extend that policy to our website. Below you will find a list of helpful online banking articles that we will continually update.

CNB is committed to being your local bank.

Personal Banking | Business Banking | Senior Citizen Banking | Investment Banking

Personal Banking

The healthy alternative to health insurance.
See how a Health Savings account can help ease the cost of your medical expenses.

Health Savings
A Health Savings Account (HSA) is a tax-favored Savings account similar to an IRA, except it is reserved to help you with your medical expenses. This money can be withdrawn without any tax penalty as long as it is used for medical purposes or to pay health insurance premiums. As your HSA grows, it builds financial resources you can use for your routine or future visits. More importantly, since you're not paying any tax on your contributions, you also pay no tax on the earnings that accumulate in your HSA. Plus, any money you do not use within the year will be rolled over to the next year. Another benefit of the HSA is that it's portable; it can be moved from job to job, and even continued when you retire.

This account is an alternative to your typical health insurance. It is available for anyone under the age of 65 as long as you have a high-deductible plan, which usually costs less than what traditional health care coverage costs. Conveniently, this allows you to take the money you've saved on insurance, and put it into your Health Savings account. With this plan, you can contribute up to $2,900 for individual coverage, or $5,800 for families, all of which is tax free. You may withdraw money from your account for purposes other than medical, but income tax would apply to these withdrawals. If you choose to use the money for any purpose besides medical reasons before the age of 65, you will be charged a 10% penalty in addition to paying income tax.

If you have any questions about how to set up an HSA, contact us today or visit one of Conway National Bank's 14 conveniently located offices, and a customer service representative will be happy to help.

Business Banking

Expand your business' customer base.
Join the multitudes of businesses that accept credit cards, and watch your customer base grow.

Merchant Services
Looking for security? Need your transactions to run smoothly? Give your business the respect it deserves. Businesses that do not accept credit cards are said to be turning away 80% of their potential business. So taking credit cards is an important part of business, and with Merchant Services you will be able to provide your clients with a quick, secure and reliable payment process. Merchant Services helps you to expand your customers' payment options, increase your revenue, and simplify your overall business operations. You will typically have low monthly payments and competitive transaction rates that will allow your business to become successful with every swipe of the card.

Additional benefits of Merchant Services include the ability to view your deposits, view charge backs and retrieval requests, and access customer support. You will also be able to protect your business with fraud monitoring and control features. And not only will you be able to accept credit and debit cards, but you will also be able to accept checks worry free. With Merchant Services, you can convert paper checks at the point-of-sale into "electronic checks." This makes accepting checks safe and convenient. Merchant Services provides plenty of safe and reliable ways to receive payment, while easing business and satisfying clients.

To learn about easing your business operations through Merchant Services, contact us today, or visit one of Conway National Bank's 14 conveniently located offices, and a customer service representative will be happy to help.

Senior Citizen Banking

Invest in your future
Supplement your retirement income with a safe and secure investment.

Certificate of Deposit (CD)
If you are looking for a good short- or long-term investment, or you just want to supplement your retirement income, then you may want to consider purchasing a Certificate of Deposit (CD). When you purchase a CD, you are lending the bank money for a set period of time, and in return you are paid a set rate of interest. CDs typically have a minimum deposit, as well as a maturity date ranging between seven days and five years. Usually 6, 12, 36, and 60 months seem to be the most popular. You may want to be careful about special high rate ("odd month") CDs that may roll over into a typical maturity at lower rates. With CDs, you have a safe and secure investment because it won't change in value if the stock market goes up or down. And, because of the set interest rate, you can calculate how much money you will earn before you start. You also have the option to reinvest or receive the earned interest as income.

CDs are insured by the FDIC, up to $100,000, which makes them a safe choice for those who are looking to maintain their capital for the rest of their life. But if you choose to withdraw before your maturity date, you could be penalized roughly three months worth of interest, so proceed with caution.

If you would like additional information on CDs, contact us today or visit one of Conway National Bank's 14 conveniently located offices, and a customer service representative will be happy to help. View our current CD interest rates.

Investment Banking

Traditional IRA vs. Roth IRA
Find out the benefits and differences of both.

Traditional vs. Roth IRA
Funding a retirement account is a smart way to save for the future. And when it comes to choosing between a Traditional IRA and a Roth IRA, it's important to understand the benefits and differences between the two. Below outlines some information that will help you determine the savings plan that's right for you.

Traditional
Contributions are made up to a specified limit with the contribution being tax deductible. Money invested and earned in a Traditional IRA is subject to income taxes at the time of withdrawal. Withdrawals can be made without penalty once you reach the age of 59 ½ years old, and you must begin withdrawing from your account when you reach the age of 70 ½.

Roth IRA
With a Roth IRA, your contributions are not tax deductible, which means all of your earnings are tax-free when you or your beneficiary withdraws them. You can contribute to a Roth IRA at any age (subject to qualified earned income and modified adjusted gross income limits); and unlike a Traditional IRA, you do not have to draw on this account at age 70 ½. This means your earnings will continue to grow tax-free. You can withdraw your principle at any time without fees, and your funds can be used to purchase a variety of stocks, bonds, certificates of deposit, etc.

The choice between a Traditional IRA and a Roth IRA is clearly a personal one and depends on several factors including income levels and age. The above information is just a brief summary of the two accounts, and before making a decision on which one is best for you, it is recommended that you explore all of the benefits and differences of these two accounts; and you may want to seek professional tax guidance.

If you would like additional information on IRAs, CNB can help. Simply contact us today, or visit one of our 14 conveniently located offices, and a customer service representative will be more than happy to assist you. Start saving today with CNB. View our current IRA interest rates.