CD Accounts and IRAs

Both certificates of deposit (CD Accounts) and individual retirement accounts (IRAs) are low-risk investments for building your savings.

Certificates of Deposit

A certificate of deposit is a popular way to save. Your high CD account rates are guaranteed over the term of the CD, which can range from six months to five years. CDs are for savers who can keep their money on deposit for set time periods, thereby gaining the maximum return on their savings.

Features:

$500 minimum deposit to open
No monthly service charge
Interest earned may be withdrawn at any time without penalty
At maturity, funds may be added, terms may be changed and partial withdrawals are permitted
As with most CDs, there will be a penalty for early withdrawal
Free telephone and internet banking (inquiries only)
Fully insured by a combination of the FDIC and the DIF

IRA Accounts

An individual retirement account allows you to save for your retirement by receiving a higher rate of interest with the safety of FDIC and DIF insurance. There are two IRA plans to choose from: Traditional IRA and Roth IRA. Please contact your tax advisor to determine the best plan for you.

Features:

Available terms: 6 months – 5 years
$500 minimum deposit to open
Guaranteed interest rate for the term of the certificate
Funds may be added at maturity
As with most IRAs, there is a penalty for early withdrawal
Free telephone & internet banking (inquiries only)