IRAs & Certificates of Deposits

Certificate of Deposit
$500 minimum deposit required. Penalties apply for early withdrawal.

• Interest can either be paid to the customer monthly, quarterly or at term and can be compounded to the certificate quarterly.
• 90 days to 24 month terms

Individual Retirement Account
Reduce your tax liability on your invested funds.

• Traditional IRA
  The traditional IRA is an account that allows the investor to defer taxes on contributions until funds are withdrawn. Certain contributions are tax deductible in the year they are made. If the investor is under age 70 1/2 for the entire tax year and has earned income, he or she is eligible to establish a traditional IRA.
• Roth IRA
  The Roth IRA is a nondeductible account that features tax-free withdrawals and interest for certain distribution reasons after a five-year holding period. There are two requirements for eligibility to contribute to a Roth IRA: the investor must have earned income and the investor’s modified adjusted gross income cannot exceed certain limits.

Health Savings Account (HSA)
Reduce your tax liability on your invested funds. This account is available to individuals with “high deductible health insurance coverage”.

• $3.00 monthly maintenance fees
• Free debit card available
• Unlimited check writing
• Free internet banking
• Tax deduction when used for approved medical expenses
• Variable rate of interest paid on collected balance

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