CDs & IRAs

Personal

CDs & IRAs

Certificates of Deposit (CDs) are a good way to earn predictable interest. If you are ready to set aside money you don’t need right away, for a year or two, then CDs can help you earn interest. Come in and talk to us about investing in a CD and learn about our current rates.

Certificates of Deposit CDs

Description
We offer CDs with varying maturities ranging from 6 to 60 months
Benefits
You can receive your interest by check, have it deposited into any of your deposit accounts or have the interest deposited back into the CD
Costs
A penalty may be imposed for early withdrawal

Individual Retirement Accounts IRAs

Description
An account to supplement other pension plans or social security income you anticipate in retirement
Requirements
The Traditional and Roth IRA contribution limits are $5,000.00 for those under age 50. Persons age 50 and over can make additional catch up contributions of $1000.00, for a total contribution limit of $6,000.00. You can have both a Roth IRA and a Traditional IRA in the same tax year, but you can't exceed the contribution limit with your combined contributions to both accounts.
Roth IRAs - Individuals may contribute up to $4,000.00 per year if their modified adjusted gross income (MAGI) is less than $120,000.00.
Benefits
Traditional IRAs – Eligible savers may enjoy tax benefits during their income-producing years with a Traditional IRA, which is taxed at the then-current tax rate upon withdrawal
Roth IRAs – Are funded with after-tax dollars but grows and is distributed tax-free for qualified savers
Costs
$25.00 fee to close or transfer an IRA account