Introducing MyCardRules

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The power to protect your Citizens Bank Minnesota Debit Card is in the palm of your hand!

Download this FREE mobile app that allows you to conveniently control WHEN, WHERE and HOW your Debit Card can be used!

  • Turn your cards off and on: Misplaced your card? Turn it off until you find it!
  • Get instant alerts: Receive alerts based on the rules you set.
  • Control where and how your Debit Card can be used: Out shopping or on vacation? Set the card to work only where you are!
  • Set spending limits.
  • Plus much more!

 

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Download the app in the Apple or Google Play store TODAY!  

Citizens Referral Promotion

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Starting April 2, 2018 through December 31, 2018, Citizens Bank Minnesota clients will receive their choice of a Citizens 1/4 zip shirt OR $25 Cash when they refer a friend* to open one of the following accounts:

WooHoo! Checking – An Account That Will Make Your Piggy Bank Jealous!

WooHoo! Simple – ATMs Free Is The Way It’s Meant To Be!

Make My Life Easy Checking – The Right Amount Of Checking For Your Everyday Needs!

*By referring your friend, you are acknowledging that the recipient will be aware that you are a client of Citizens Bank Minnesota. A 1099 will be issued for cash received. Offer only valid for WooHoo! Checking, WooHoo! Simple and Make My Life Easy Checking. One reward per household. Promotion subject to change. This promotion runs from April 2 – December 31, 2018. Member FDIC

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Types of IRA’s for Children

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There are two different types of IRAs that are suitable for children: traditional and Roth. The primary difference between traditional and Roth IRAs is when you pay taxes on the money that you contribute to the plan. With a traditional IRA, you pay taxes when you withdraw the money during retirement (at your then-applicable tax rate). A traditional IRA contains pre-tax earnings. With a Roth IRA, you pay taxes when you put the money into the account, so it contains earnings after tax.

The money grows tax free while it’s in either a traditional or Roth IRA. But the benefit of a Roth is that when the child withdraws the money many decades from now, he or she won’t have to pay income tax on it. What’s more, there are no required minimum distributions (RMDs) on the money. Of course, these rules may change in the next 40 years, but that’s where they are now.

If you claim your child as a dependent, he may be required to file an income tax return of his own if his income exceeds a certain amount set by the IRS ($6,300 for 2017). If your child earns less than this amount, she is likely in a 0% income tax bracket and she probably won’t benefit from the up-front tax deduction associated with traditional IRAs.

Because many kids don’t earn enough money to benefit from the up-front tax deduction associated with traditional IRAs, it makes sense in most cases to focus on Roth IRAs. In general, the Roth IRA is the IRA of choice for minors who have limited income and who, therefore, would not benefit from a deductible traditional IRA.

Starting an IRA for your child can be a wonderful thing. At their young age, compounding kicks into high gear due to the long time horizon. And usually they will be in a low, or even zero tax bracket so the Roth is normally the best choice.

If a child keeps [a Roth] until age 59-1/2 (under today’s rules), any withdrawal will be tax free. In retirement, he or she would likely be in a much higher bracket, so  would effectively be keeping more of his or her money.

Benefits of IRAs for Kids

A single $1,000 IRA contribution made at age 10, for example, could grow to $11,467 over 50 years, assuming a conservative 5% average annual growth rate. Contribute $50 each month, and the account might grow to $137,076 (with the initial $1,000 contribution and the same hypothetical growth rate of 5%). Or double the contribution to $100 each month and the account could reach $262,685. As children make more money and eventually become adult earners, their annual contributions are likely to be higher, and the IRA could grow correspondingly. Setting aside money each month or year for an IRA – even if the contributions are small – helps your child develop awareness and healthy financial habits.

Another benefit of IRAs is that your child may be able to tap into the account for qualified higher education expenses and up to $10,000 towards a down payment on a first home without penalty. With a Roth IRA, you can withdraw any contributions, but not the investment earnings, for any reason without tax or penalty.

Information courtesy of: Investopedia.com

Visit www.citizensmn.bank or contact Citizens Bank Minnesota at 507-354-3165 to find out more information about the great rates we offer on our IRA CD’s!  The future starts NOW!

Citizens Introduces Mobile Wallet

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Now you can load your Citizens Bank Minnesota Mastercard® Debit Card into your Mobile Wallet, make it your default card and simply Tap – Pay – Done!

What is a Mobile Wallet?

A mobile wallet is a way to carry your debit card or credit card information in a digital form on your mobile device. Instead of using your physical card to make a purchase, you can pay with your smartphone, tablet or smartwatch.

You can use your Citizens Mastercard® Debit Card with any of these trusted wallets: Apple Pay, Google Pay, Samsung Pay and Masterpass.

How Mobile Wallets Work

  1. Download the mobile wallet app (or it may already be built into your mobile device).
  2. Add your credit card or debit card information to the mobile wallet.
  3. When you check out at participating merchants, access the mobile wallet and choose your card. If you’re making an in-store purchase, just hold your mobile device at the terminal, over the Near Field Communication (NFC) reader.

You can learn more about Mobile Wallets on our website: www.citizensmn.bank/personal/mobile-wallets

We have videos about the Top 5 Reasons WHY you should use a Mobile Wallet!  They are informational and entertaining, and you can view them all by clicking on the links below.

Reason #1 – Enhanced Security

Reason #2 – Organization

Reason #3 – Reduce Wear & Tear

Reason #4 – Convenience

Reason #5 – No More Pesky Forms

By: Sarah Seifert, Digital Marketing Coordinator

Your Resolution, Your Home

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Is purchasing a new home on your list of resolutions and goals for 2018?  We found this helpful article that has some great tips on how you can reach that goal! Full article

And as always, our team of Citizens Mortgage lenders is only a phone call away if you have any housing questions you need answered – 800-549-0194. More information can also be found on our website at: cbnu.mortgagewebcenter.com

 

Citizens Bank Minnesota employees donate $3,000.00 worth of gifts to 6 families in need.

Citizens Bank Minnesota employees were excited to help 6 families in need this Holiday Season. Our main office in New Ulm as well as our three branch locations in Lafayette, La Salle and Lakeville each adopted area families as well as delivered needed supplies to the Crisis Nursery. Money was donated by employees, raised through bake sales and free-will donation luncheons, and a bank match was given making it possible to donate $3,000.00 in gifts for these families.

We were happy to help these families who would have had an otherwise difficult time purchasing the needed items themselves. It was also a great way to remember what the Holidays are truly all about!

May Your Christmas Be Merry & Bright!

Citizens Bank Minnesota would like to wish you all a Merry Christmas and a Happy New Year!

We’ve put together a fun Christmas Greeting video for you to watch. We hope you enjoy it as much as we enjoyed putting it together!

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