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PERSONAL BANKING

CERTIFICATES OF DEPOSIT AND IRAs

 

Certificates of Deposit – CDs

 

CDs are fixed-rate deposits with the rate varied by length of term of the CD. The interest rate paid is typically higher than the interest rates paid on checking accounts. A CD is an ideal vehicle for placing idle funds not needed for a specific period of time. We offer flexible term lengths ranging from 3 months to 60 months. We encourage you to consider the appropriate CD term for you before depositing funds into a CD as there is a penalty for early withdrawal. CDs are available to individuals and, in most cases, businesses, non-profits and public fund entities.

Individual Retirement Account – IRA

 

IRAs are long-term retirement savings plans designed for individuals. By placing yours funds into an IRA CD, you will earn fixed-rate, tax-deferred interest based on the term of your CD. It is always a good idea to consult your tax advisor prior to depositing funds into an IRA CD. Once you establish the IRA, if you are under age 59.5 and withdraw funds from the IRA, the Internal Revenue Service imposes an early withdrawal penalty. Separately, there is a penalty for early withdrawal on the CD if redeemed prior to its maturity date.

 

Please contact a Banking Specialist in our banking centers to learn more about the minimums required to open a CD or an IRA and to receive interest rate and term information.