Personal CDs & IRAs
Certificates of Deposit (CD’s)
Certificates of Deposit are considered by many experts to be one of the safest and best ways to save money. A CD allows you to earn interest at a fixed rate on funds you deposit for a specific period of time. Features and benefits:
- Maturities for CD’s range from 30 days to 2 years
- Minimum balance to open an account is $2,500.00, which is required to obtain the annual percentage yield (APY) disclosed ***
- Interest will not be compounded: interest will be credited as selected (monthly, quarterly, semiannually, annually, or at maturity)
- We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day. *
- Interest earned over one year cannot remain on deposit and payout of the interest is required
- A penalty may be imposed for withdrawals before maturity ***
- Free online banking
Individual Retirement Accounts (IRA’s)
Don’t forget to open and contribute to your Individual Retirement Account (IRA) on an annual basis. Your contributions are potentially tax-deductible,** and IRA’s allow your investment to grow tax-free until you retire.
- Maturities for IRA accounts are 18 months
- Minimum balance to open an IRA is $500.00. Additional deposits can be made in $100.00 increments.
- IRA’s are compounded quarterly and credited quarterly * ***
- A penalty may be imposed for withdrawals before maturity ***
- Free online banking
* Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
** Consult your tax advisor.
*** A withdrawal will reduce earnings.
