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CD/MMI/IRA

 
 

CDs


These are for any customer who is looking for a way to save money through a short, intermediate, or long-term investment option.

  • Minimum deposit required
  • Flexible terms
  • Competitive interest rates, compounded and credited monthly
  • Monthly interest distribution available
  • Early withdrawal penalties may apply


Money Market Index Account


The Money Market Index Account is for those who want to earn a higher rate of interest on account balances based upon the Federal Funds rate with limited check writing privileges

FEATURES:

  • Only $2,500.00 required to open
  • FREE Online Banking and Bill Pay – Benefit from secure access to your accounts via the Internet. Monitor and track your accounts, transfer funds 24/7, pay bills, and more!
  • FREE 24-Hour Telephone Inquiry – Check your account balance, verify deposits and checks paid, transfer money from one account to another, and access the history of your account from anywhere 24 hours a day.
  • E-Statements – Safe and secure online access to your detailed monthly statements and check images.
    Availability of Direct Deposits – a convenient service ensuring on-time deposits of your payroll, Social Security or pension funds with same day access
  • Interest paid on tiered basis for balances of $19,999.99 or below and above $20,000.00 and compounded and credited monthly
    A limit of 6 pre-authorized transfers or withdrawals per statement cycle.
  • If the transaction limit is exceeded, there is a fee of $10.00 per excess transaction, beginning with the 7th transaction per statement cycle.



IRAs


Planning for life changes in the future can be easy with IRAs. They are for any customer who wants to save or rollover funds for retirement or education with tax advantages while earning interest.


Traditional IRA

  • To qualify you must have earned income and not have reached the age of 70 ½ by the end of that tax year
  • Qualified individuals may contribute at anytime
  • There is a maximum contribution per year and also the ability to make catch-up contributions
  • Defer taxes on your earnings until withdrawal
  • Some contributions are tax deductible


ROTH IRA

  • To qualify you must have earned income, but there are no age restrictions
  • Qualified individuals may contribute at anytime
  • There is a maximum contribution per year and also the ability to make catch-up contributions
  • This IRA is not taxed and earnings grow tax free
  • Contributions are not tax deductible




Coverdell ESA (Education IRA)

  • Distribution qualifications are for educational expenses
  • Annual contributions per designated beneficiary are limited
  • Earnings grow tax free
  • Any amount in excess, after the educational fees are paid, is taxed as earned income
  • Contributions are not tax deductible

You may wish to consult a tax advisor for further information.