• Certificate of Deposit (CD)

    • Variety of terms from 7 days to 5 years
    • Open CD Statement Account
    • Minimum opening deposit is $500
    • There is a substantial penalty for early withdrawal from a CD



    Individual Retirement Account (IRA) 


    IRAs & Rollovers  

    • Choose from IRA CDs or an IRA Investment Account


    Traditional IRAs   

    • Interest is tax deferred until you withdraw it
    • Contribution may be fully or partially deductible depending on your income level and participation in an employee-sponsored retirement plan
    • You can contribute if you are under age 70½ for the entire year and have earned income
    • Funds may be withdrawn without penalty after you reach 59½ or sooner for other reasons (disability, excessive medical expenses, higher education, first time home purchase) within certain limitations
    • Funds must start to be distributed after reaching age 70½ years
    • Open an IRA CD or IRA Investment Account


     Roth IRAs  

    • Nondeductible from your taxes
    • Tax-free withdrawals once you fulfilled certain criteria
    • You can still contribute even beyond the age of 70½ years
    • You may contribute $5,000 or $6,000 (depending on your age) or up to 100% of your income whichever is less, as long as your Modified Adjusted Gross Income (MAGI) is within the limits shown below
    • After holding the Roth IRA for a five-year period, upon reaching age 59½ you may begin to take distributions from your Roth IRA and you will not pay any federal taxes on any of the contributions or earnings
    • Plus, with a Roth IRA, there is no mandatory age to begin making withdrawals
    • Open an IRA CD or IRA Investment Account


    If you are under 50 years of age at the end of 2015: The maximum contribution that you can make to a traditional or Roth IRA is the smaller of $5,500 ($6,500 if you're age 50 or older) or the amount of your taxable compensation for 2015. This limit can be split between a traditional and a Roth IRA but the combined limit is $5,000. The maximum contribution to a Roth IRA and the maximum deductible contribution to a traditional IRA may be reduced depending upon your modified adjusted gross income (modified AGI).


    Coverdell Education Savings Account 

    • Previously called the Education IRA
    • Designed to help parents, grandparents, aunts or uncles save for a family member's or loved one's higher education 
    • Contributions are not tax deductible
    • Earnings are tax-free
    • Funds must be to pay for primary, secondary or college education expenses for a designated person
    • Contributions can be as much as $2,000 per year, per designated person
    • Designated beneficiary must be under the age of 18
    • Any balance must be distributed within 30 days after the date the beneficiary reaches age 30
    • No age limit requirement for special needs adults