Personal CDs & IRAs

Certificates of Deposit

With terms ranging from 7 days to 5 years, you’ll enjoy flexibility and FDIC-insured safety. Our personal banking professionals can help you time your maturities to balance potential market rate changes so your cash is available when you need it. $1,000 minimum balance.

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Individual Retirement Accounts

An Individual Retirement Account (IRA) is a great way to save and plan for your retirement. With an IRA you get the benefit of tax* savings and the ability to compound your money through contributions and interest earnings.

IRAs generally fall into one of two categories – the Traditional IRA or the Roth IRA (see below).

When you stop in, we’ll sit down with you to discuss your goals and needs in order to help you decide which IRA is best for you. Additionally, we encourage you to consult your tax advisor to discuss your tax deductibility status.

Traditional IRAs

This IRA is designed for individuals who want tax-deferred* savings for retirement. You may also be able to deduct your contributions on your income tax return. Your deduction depends on your Adjusted Gross Income (AGI) and whether you are covered under an employer sponsored qualified retirement plan.

If you or your spouse (if you file jointly) are under 70½ and receive taxable earned compensation, you are eligible to establish a Traditional IRA.

Roth IRAs

The major benefit of a Roth IRA is tax-free* earnings growth for your retirement. Although contributions to the Roth IRA are not tax-deductible, earnings grow tax-free. You also have the ability to take certain early withdrawals without paying the IRS early distribution penalty. If you expect to be in a higher tax bracket when you retire, you may benefit more from a Roth IRA since your contributions are nondeductible and taxed in the year they are earned.

If you or your spouse has compensation and your modified adjusted gross income does not exceed certain limits, you are eligible to open a Roth IRA.

Contact one of our IRA professionals for additional information or questions.

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