CDs & IRAs
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
- We offer CDs with varying maturities ranging from 6 to 60 months
- 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
- A penalty may be imposed for early withdrawal
Individual Retirement Accounts IRAs
- An account to supplement other pension plans or social security income you anticipate in retirement
- 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.
- 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
- $25.00 fee to close or transfer an IRA account