Certificate of Deposit

A certificate of deposit is a type of savings account with a fixed term and generally a minimum of $1000.00 initial deposit. The interest rate is set at the time the accounts is opened and remains the same throughout the term. There may be a substantial penalty for early withdrawal.

You select the flexible term that works best for you and watch your money grow. You may purchase a CD for a minimum of 6 months up to 36 months.

IRA Accounts

An IRA is a special tax-deferred savings plan that encourages investing for your future retirement. Individuals who are under age 70½ can contribute. Contributions may be tax-deductible depending on your income. Earnings on your IRA are tax-deferred until withdrawn.

Traditional IRA

Account Features:

  • Deductible contributions
  • Tax-deferred growth of earnings
  • Maximum annual contributions.
  • No contributions after age 70½
  • Distributions must begin at age 70½

Roth IRA

Account Features:

  • Non-deductible, after-tax contributions
  • Tax-free earnings and distributions
  • Maximum annual contributions.
  • Contributions permitted after age 70½
  • Distributions not required after age 70½