Walking grand daughter

IRAs AND CDs

Walking grand daughter

Individual Retirement Accounts (IRA)

A convenient way for customers who meet account qualifications to provide for their retirement:

  • Three options are available for your retirement needs-
    • Traditional: A special tax deferred savings plan authorized by the Federal Government to encourage you to accumulate money for retirement.
    • Roth: Contributions are not deductible, but distributions (including earnings) can be tax-free, if certain circumstances exist.
    • Coverdell Educational Savings: Formerly known as Education IRAs, these accounts are an ideal way for you to begin saving money to help a child, grandchild or any young person you know pay for higher education expenses.

If you would like additional information on any of these IRAs, please email us. These IRA's are available by opening any of the following accounts with us: Power IRA Certificate of Deposit, Regular IRA Certificate of Deposit or IRA Variable Savings Account.

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IRA Variable Rate Savings Account

  • No monthly maintenance fee
  • Interest is compounded daily and credited monthly
  • Minimum deposit of $50 to open, and minimum daily balance of $50 to earn APY
  • Additional deposits in the amount of $50 or more may be made at any time
  • Preauthorized transfers from the account are not permitted
  • See your IRA or other tax qualified plan disclosure

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Certificates of Deposit (CDs)

  • $500 minimum opening balance
  • Current fixed rates available
  • Certificate terms available 30 days through 60 months
  • Interest calculation methods:
    • Maturities of less than one year - interest is compounded daily and credited at maturity
    • Maturities of 12 to 60 months - interest is compounded daily and credited semi-annually
  • Certificates can be held in the Bank's safekeeping at no charge
  • After the account is opened, you may not make deposits or withdrawals other than earnings posted to the account until the maturity date
  • Traditional, Roth, Coverdell Educational Savings, IRAs and 401K rollovers can be invested in a Certificate of Deposit.

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Power Certificates of Deposit

  • $500 minimum deposit to open
  • Rate may be increased one time during term at customer's option*
  • Add to the balance one time during the term in any amount up to the original amount of the certificate
  • Terms available from 18 through 60 months
  • Interest is compounded daily and credited semi-annually
  • Certificates can be held in the Bank's Safekeeping at no charge
  • After the account is opened you may not make withdrawals other than earnings posted to the account until the maturity date
  • Traditional, Roth, Coverdell Educational Savings, IRAs and 401K rollovers can be invested in a Certificate of Deposit

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Power Flex Certificates of Deposit

  • $10,000 minimum deposit to open
  • Rate may be increased one time during term at customer's option*
  • 20 month and 30 month terms available
  • Interest is compounded daily and credited semi-annually
  • Certificates can be held in the Bank's Safekeeping at no charge
  • Maximum deposit $250,000
  • After the account is opened you may make one (1) withdrawal, one (1) time during each calendar month, other than earnings posted to the account, until the maturity date. The minimum withdrawal amount is $1,000. You must maintain a balance of $10,000 at all times to avoid penalty. You may add to the certificate one time during each calendar month with a minimum deposit amount of $1,000.

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