CDs and IRAs

Certificate of Deposit

Requirements:

  • Initial deposit required to open an account - $1,000.00

Benefits:

  • Interest can be credited to a DDA or a savings account monthly
  • The interest rate is fixed until the first maturity of the Certificate of Deposit
  • Account will automatically renew at maturity unless funds are withdrawn during the grace period – 10 calendar days after maturity.

Early Withdraw Penalty :

  • If your account has an original maturity of one year or less, the penalty imposed will equal one months of interest
  • If your account has an original maturity of more than one year, the penalty imposed will equal three months of interest

Individual Retirement Account (IRA)


  • Competitive rates
  • Penalties and fees may apply for early withdrawal

Traditional IRA
A traditional IRA defers payment of taxes until you withdraw your money, usually after retirement, when your income tax bracket may be lower — which allows your money to grow faster.*

Roth IRA
Provides an option for your retirement savings contributions which does not deduct for income tax purposes, but your earnings are tax free for retirement distributions.*

This may be the best way to build your retirement or pay for your child's education. Depending on your situation, you may defer all or part of IRA deposits from your current taxable income. You can make monthly deposits if you wish. When you reach age 59 1/2, you may begin withdrawing from your account without penalty. You can choose Roth or Traditional IRA investments for FDIC insured deposits.

*Certain restrictions and conditions apply. Not all tax advantages may be available to you. Specific questions on taxes, contributions and deductible qualifications, and withdrawal rules, as they relate to your individual retirement plans, should be reviewed with your professional tax advisor.