Certificates of Deposit
Protected by FDIC insurance, Certificates of Deposit provide low-risk diversification in your investment portfolio and retirement assets. In addition, CDs offer an opportunity that can be used to meet your short term and long term investment goals. You can choose from one of the following terms of certificates and you can be assured in the safety of your deposits.
Short Term Investment
3-month, 6-month or 12-month
Minimum balance required to open is $500.00*
* Deposit limitations: After the account is opened, you may not make any deposits.
Withdrawal limitations: You may make withdrawals of principal from your account before
maturity only if we agree at the time you request the withdrawal. Principal withdrawn
before maturity is included in the amount subject to early withdrawal penalty. You cannot
withdraw interest from your account before maturity.
before maturity is included in the amount subject to early withdrawal penalty. You cannot
withdraw interest from your account before maturity.
Interest: Interest is calculated by the daily balance method which applies a daily periodic
rate to the balance in the account each day. Interest will begin to accrue on the business day
you deposit noncash items (for example: checks) into your account. Interest will be
compounded and credited on a semiannual basis; at maturity for 3-month and 6-month
CDs. A penalty may be imposed for withdrawals before maturity.
you deposit noncash items (for example: checks) into your account. Interest will be
compounded and credited on a semiannual basis; at maturity for 3-month and 6-month
CDs. A penalty may be imposed for withdrawals before maturity.
Long Term Investment
24-month, 36-month, and 60-month
Minimum balance required to open is $1,000.00*
* Deposit limitations: After the account is opened, you may not make any deposits.
Withdrawal limitations: You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. You cannot withdraw interest from your account before maturity.
Interest: Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Interest will begin to accrue on the business day you deposit noncash items (for example: checks) into your account. Interest will be compounded and credited on a semiannual basis. A penalty may be imposed for withdrawals before maturity.
Individual Retirement Account (IRA)
Traditional IRA
If your goal is to pay less in taxes now, a Traditional IRA may be right for you. Traditional IRAs let you use pre-tax dollars to make contributions, letting you build your principal sooner for greater earnings later.
With federal income tax deferred, as well as the added possibility of receiving yearly tax deductions, your contributions and earnings can grow faster, free from the burden of taxes.
Roth IRA
While Roth IRA contributions are not tax deductible, unlike a Traditional IRA, they have more flexibility baked in. More people are eligible, couples can contribute more, and you can keep on saving for retirement as long as you have earned income up to a certain amount.
There are also no mandatory distribution requirements and you may be eligible to access your contributions without any IRS penalties. It is even possible to convert your existing 401k or traditional IRA account into a Roth IRA to take advantage of wider tax benefits.