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Flexible Solutions Built for Financial Success
What do you envision for your future? Whatever image and dreams you have, you will undoubtedly need the funds to live the life you want. We offer a number of longer-term savings options to help you achieve peace of mind and financial security. All deposits are insured in full by the FDIC and DIF.
Certificate Options and Features
Certificates of deposit (CDs) are the ideal choice if you have excess funds you can part with for period of time to grow them. The rate for a given CD fluctuates by term, the amount of time your deposited funds will earn interest.
| Term of less than 12 months | Term of 12 months or more | |
|---|---|---|
The ideal solution if… | You have a shorter amount of time to grow your funds. | You have a longer amount of time to grow your funds. |
Required opening deposit | $2,500 | $500 |
Simple | Daily compounded | |
Early withdrawal penalty | See Certificate of Deposit Early Withdrawal Penalty Chart 1 | |
How to open | ||
Simple Interest vs. Compound Interest
- Simple interest is calculated on the principal amount of the CD.
- Compound interest is calculated on the principal amount AND any accumulated interest from previous periods.
1 Certificate of Deposit Early Withdrawal Penalties:
3 months interest on terms between 3-11 months
6 months interest on terms between 12-23 months
12 months interest on terms between 24-47 months
24 months interest on terms between 48-60 months
Note: Amount could include principal and interest on the amount withdrawn
IRA Options and Features
Individual retirement accounts, or IRAs, are accounts set up to save specifically for retirement. Each type of retirement account has its own tax benefits, so be sure to also speak with a tax advisor before opening an account.
| Roth IRA | Traditional IRA | Simplified Employee Pension | Coverdell Education Savings Account | |
|---|---|---|---|---|
| The ideal solution if… | You’d rather pay taxes on contributions up front, not in retirement. | You’d rather make tax-deductible contributions now and pay tax on withdrawals. | You are self-employed and want to set up a retirement account for yourself. | You want to save for the future education costs of a child or grandchild. |
Tax-deductible contributions | No | Yes | Yes | No |
Qualified withdrawals | Tax free after age 59 ½ | Taxable, and possible penalty if funds are withdrawn prior to age 59 ½ | Taxable, and possible penalty if funds are withdrawn prior to age 59 ½ | Tax free for qualified beneficiary's educational expenses |
Required distribution | No (though you can make qualified, tax-free withdrawals after age 59 1/2) | Required distribution is dependent on the individual's date of birth, and will start either at age 70 1/2, 72, or 73 | Required distribution is dependent on the individual's date of birth, and will start either at age 70 1/2, 72, or 73 | By age 30 (unless special needs) |
How to open | ||||
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