CDs & IRAs

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CDs

A certificate of deposit is an account paying a higher than passbook rate with a fixed term and fixed rate of interest. Most of our certificate accounts automatically renew on their maturity date for the same term and at the “current” rate for that term, unless you are notified in advance. 

Our Principal Plus CD’s have several benefits that are not available with our other CD types. First, you choose the term. Between 38 to 64 months. Second, you can make deposits to these accounts without changing the term or the rate on the account. The minimum additional deposit amount is $100.00. Third, these CD’s allow a onetime per term option to request a rate change without extending the maturity.

Early withdrawal Penalties are as follows:

A Certificate of Deposit with a term of 30 days through 12 months is equal to 3 months simple interest on the amount withdrawn.

A Certificate of Deposit with a term longer than 12 months is equal to 6 months simple interest on the amount withdrawn.

IRAs

We offer both Traditional and Roth IRA Products.

Traditional IRA

What is a Traditional IRA?
An Individual Retirement Account is an account that accepts deductible and non-deductible contributions for retirement savings. The account is tax deferred until distribution of principal or interest. At age 59½, IRS penalty free distributions may be made and required minimum distributions must begin at age 70½.

Who is eligible to have an IRA?
Anyone under age 70 ½ for the entire tax year who has compensation, even while participating in any type of qualified retirement plan. However, if you or your spouse are covered by an employer retirement plan, you may not be able to deduct all of your contribution.

When can I contribute to an IRA?
An IRA may be opened for the taxable year and funded any time between January 1 and the date your tax return is due for the year, excluding extensions. This date is normally April 15th of the following year.

Roth IRA

What is a Roth IRA?
A Roth IRA is an account that accepts non-deductible contributions for retirement savings that features tax-free withdrawals for certain distribution reasons after a five-year holding period and age 59½ years of age.

Who is eligible to have a Roth IRA?
You must have earned income (or your spouse must have earned income) and your modified adjusted gross income (MAGI) cannot exceed certain limits.

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