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Certificate of Deposits and Individual Retirement Accounts

  • Certificate of Deposits (CDs)

    CDs are one of the safest and most simple ways to earn interest. Various terms, ranging from 91 days to 30 months, are available to meet your financial needs. Minimum balance required to open a Certificate of Deposit is $500.

    • 91 day
    • 182 day
    • 12 month
    • 18 month
    • 24 month
    • 30 month
    Click below for updated interest rate and annual percentage yield (APY) information.

    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 principal 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    • Up to 12 month – 30 days' interest calculated on the amount withdrawn.
    • 12 - 30 month – 90 days' interest calculated on the amount withdrawn.
  • Individual Retirement Accounts (IRAs)

    Build your future and visit with one of our friendly representatives and see which type of IRA is right for you.

    *Consult your tax advisor with respect to your specific tax situation.

    IRAs and ESAs Comparison
      Traditional ROTH IRA Coverdell ESA
    Qualifications Must have earned income and not have reached age 70 ½ by the end of the year Must have earned income. There are no age restrictions The designated beneficiary must be an individual under the age of 18. The age 18 limitation will not apply to any designated beneficiary with special needs.
    Maximum Contributions $6,000 annually $6,000 annually $2000 per Beneficiary. Contributions do not count against the limits for IRAs
    Catch-Up (50+OVER) $1,000 annually $1,000 annually  
    Tax Status of Earnings Tax-deferred until withdrawal Not taxed. Earnings grow tax-free Not taxed. Earnings grow tax-free
    Contribution Restrictions (Based on Adjusted Gross Income) Yes, if active participant in employer retirement plan. Yes, contributions phase-out Yes, contributions phase-out
    Tax Deduction Yes. Contributions up to the limit are fully tax deductible if you are not an active participant in a retirement plan. Otherwise phase-out rules apply. No. No.
    Penalties for Early Withdrawal None if:
    • Over 59 ½
    • Death or Disability
    • Qualified medical expenses
    • Certain health insurance
    • Qualified college expenses
    • 1st time home purchase (up to $10,000)
    • Due to IRS levy
    • Periodic payments
    No. No.
    Required Distributions Age 70 1/2 or by April 1 of the year following. Only after death of the participant. Must be complete 30 days after beneficiary reaches age 30 or dies.
    Contributions After
    Age 70 ½
    Not allowed. Allowed.  

    Traditional IRA

    The annual contribution limit is $6,000. If age 50 or older, contribution limit is $7,000 (allows for $1,000 catch up contribution). 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.


    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)

    A Coverdell education savings account (Coverdell ESA) is a trust or custodial account set up in the United States solely for paying qualified education expenses for the designated beneficiary of the account. There are certain requirements to set up a Coverdell ESA:

    • When you establish the account, the designated beneficiary must be under the age of 18 or be a special needs beneficiary.
    • You must make the designation of the account as a Coverdell ESA when you create it.

    You may be able to contribute to a Coverdell ESA to finance the beneficiary's qualified education expenses. Contributions are not deductible. There's no limit to the number of accounts that can be established for a particular beneficiary; however, the total contribution to all accounts on behalf of a beneficiary in any year can't exceed $2,000.

    For additional information on Coverdell ESA, visit the IRS website.