Certificate of Deposit & IRA Accounts
Certificate of Deposit | Available for IRA |
3 Month | No |
6 Month | No |
12 Month | Yes |
16 Month | Yes |
18 Month | Yes |
24 Month | Yes |
36 Month | Yes |
48 Month | Yes |
60 Month | Yes |
Certificate of Deposit | Available for IRA |
3 Month | No |
6 Month | No |
12 Month | Yes |
16 Month | Yes |
18 Month | Yes |
24 Month | Yes |
36 Month | Yes |
48 Month | Yes |
60 Month | Yes |
A CD is a time deposit, meaning it has a fixed term and fixed APY and typically higher than saving account rates. CDs are better funds that have a time horizon of a year or longer because they may help you earn more interest than a liquid savings accounts. The longer your CD term, the higher your rate of return. You’ll likely incur a penalty if you withdraw your principal before it matures.
An IRA, or individual retirement account, is an investment product that allows you to grow cash on a tax-deferred basis until the money is withdrawn. The Internal Revenue Service created them as another way to contribute to your retirement other than a 401(k).
Everyone dreams of retiring comfortably but sometimes Social Security and pension benefits are not enough. This is when opening an IRA may come be helpful and their tax benefits and easy access are what makes them so attractive. Unlike a 401(k), which is an employer-sponsored retirement account, you can sign up for an IRA on your own.
Anyone can open an IRA account as long as they have earned income. There are certain exceptions that allow the early withdrawal of your IRA contributions penalty-free. Generally, however, withdrawing earnings before the age of 59 1/2 is subject to a 10% tax penalty. You can own more than one type of IRA. Determining what type of IRA is right for you should depend on your income, both now and what you expect it to be in the future.
MEMBER FDIC. IR=Interest Rate/APY = Annual Percentage Yield. Rates are fixed for term of CD.
Minimum opening deposit of $1,000. Interest will compound daily and credit at maturity. Fees may reduce earnings.
Withdrawals and deposits may not be made during CD term. Penalty fees apply for early closure/withdrawals.
Account approval, conditions, qualifications, limits, timeframes, enrollments, and other requirements apply.
Contact one of our bank service representatives for current rates, additional information, details, restrictions, processing limitations and enrollment instructions.