Certificate of Deposit

A certificate of deposit is a type of savings account with a fixed term and a minimum of $500.00 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 32 days up to 60 months.

Your CD will automatically renew at maturity. You will have ten (10) days from the maturity date to withdraw your funds without being charged a penalty. If any principal is withdrawn before the maturity date, you will receive your accrued interest, but a penalty will be imposed.

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 100 percent of earned compensation of $5,500 or $6,500 depending on age, whichever is less. 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 Earnings on your IRA are tax-deferred until withdrawn.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 of up to $5,500 for those under age 50 and $6,500 for those over age 50, or 100% of compensation, whichever is less.
  • Contributions not required 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 of up to $5,500 for those under age 50 and $6,500 for those over age 50, or 100% of compensation, whichever is less.
  • Contributions permitted after age 70½
  • Distributions not required after age 70½