It's never too late to start planning for your retirement. We offer Traditional and Roth Individual Retirement Accounts (IRAs). Contact your tax advisor to select the right one for you. Accounts can be opened or funded anytime until your federal tax return is due, normally, April 15th of the following year. Your retirement funds can be invested in a Certificate of Deposit or a Savings Account. Your IRA investments are eligible for insurance by the FDIC (Federal Deposit Insurance Corporation) up to $250,000. Contact any of our 3 locations to open a new Individual Retirement Account or to transfer or rollover your present account to us.
Certificates of Deposits offer premium earnings and true security and are an ideal savings tool for many. In exchange for committing your savings dollars for a specified length of time, you will be rewarded with an excellent rate of return and the peace of mind that you are saving for your future in a safe manner.
How does a Certificate of Deposit work?
First you determine the amount of money you wish to deposit. Then, you select a time frame for which you are willing to commit the funds: six-months, one-year or up to five years. Interest is compounded quarterly or annually and credited to your account based on your CD terms. At the certificate's maturity you may choose to renew the deposit or withdraw your funds. Should you choose to withdraw funds prior to maturity, substantial penalties will apply.
The minimum balance to open an account and obtain the annual percentage yield is $500. A penalty may be imposed for early withdrawal. Interest will be compounded quarterly on terms of 12 months or more, and at maturity on CDs due in less than 12 months.
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