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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- Interest earned may be withdrawn at any time without penalty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
- Free telephone & internet banking (inquiries only)
* As with most IRAs, there is a penalty for early withdrawal
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