Certificates of Deposit

Open a Certificate of Deposit Today! Various terms are available to meet your investment needs. Minimum balance required to open a Certificate of Deposit is $500.

• 91 day
• 182 day
• 12 month
• 18 month
• 24 month
• 30 month

See Rates for interest rate and annual percentage yield (APY)

After the CD is opened, you may not make additions into the account until the maturity date stated on the account. You may make withdrawals of principle from your CD prior to maturity, but the withdrawals are subject to early withdrawal penalties.

Penalties for early withdrawal based on the term of the CD.

• Up to 12 months – 1-month interest penalty calculated on amount withdrawn.
• Over 12 months – 3-months interest penalty calculated on amount withdrawn.

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Individual Retirement Accounts (IRAs)

We offer Traditional IRAs, Roth IRAs and Education IRAs. Come by and visit with one of our friendly IRA representatives and see which type of IRA is right for you!

IRAs and ESAs Comparison Table

Traditional IRA

The annual contribution limit is $4,000 for the period 2005 through 2007, and $5,000 in 2008 and thereafter. After 2008, the contribution limit will be adjusted annually for inflation in $500 increments. The annual limit applies to any combination of IRA plans other than ESA. Contributions are fully tax deductible if you are not an active participant in an employer retirement plan. Investments grow on a tax-deferred basis. Distributions must begin at age 70 ½. Earnings are taxed only upon withdrawal.

ROTH IRA

As long as you have earned income, you can establish and contribute to a ROTH IRA even after age 70 ½. While contributions are not tax deductible, contributions and earnings can be withdrawn tax-free, and unlike traditional IRAs, you are not required to begin taking required distributions after reaching age 70 ½. By converting your traditional IRA to a Roth IRA, you can enjoy tax-free withdrawals. However, the amount you convert is subject to income tax now.

Contribution Deadlines

Traditional IRAs, Roth IRAs and Coverdell Education Savings Accounts must be opened and/or funded by the April 15th tax-filing deadline to receive your tax deductions. A filing extension won’t buy you extra time.

Making-Up for Lost Time

Catch-up contributions—individuals who have reached age 50 by the end of the year will be able to make additional catch-up contributions of $1,000 per year to their traditional or Roth IRA.

Coverdell Education Savings Account (ESA)

The annual contribution amount has been increased to $2,000 per beneficiary. While there is no tax deduction for amounts contributed to a Coverdell Education Savings Account, earnings grow tax-free. And your ESA can be used to pay qualified elementary school and secondary school expenses as well as those for higher education

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