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IRAs & CDs
Your money, your future
We offer a variety of IRA options and CDs to fit your individual investment goals.
An IRA, or an Individual Retirement Account, is essentially a savings account with big tax breaks, which makes it an ideal way to save for your retirement. Unlike a 401(k) that is provided by your company, an IRA is an account that you open up on your own.
IRAs are often more ideal than a regular savings or Money Market account because they enjoy the benefit of tax-deferred interest. This allows your retirement savings to grow faster in an IRA than they would in a similar taxable account because you can earn tax-deferred interest on your deposits in an IRA – right up to the time you begin withdrawing funds.
Take charge of your own retirement plan
Unlike most other pension plans, you control your IRA investments. In fact, your IRA is 100 percent yours from the day you open it.
You may deposit any amount up to 100 percent of your compensation or $6,000.00; whichever is less. For individuals 50 years or older you may deposit up to $7,000.00. Compensation is the salary or wages you receive as an employee. If you are self-employed, compensation is your net income for personal services performed for the business. Passive income such as interest, dividends, and rental income is not considered compensation for purposes of funding an IRA.
Types of IRAs
A CD is a type of account that cannot be withdrawn before a set date, but which offer higher rates of interest than just a regular savings account. Interest on our time deposits are compounded and credited monthly. Your minimum investment on a regular time deposit is $500.00, and we offer terms from 32 days to 5 years.
Flex-Invest and College Savings Time Deposits
Flex-Invest or College Savings Time Deposits are a convenient way to invest. Deposits to your flex-invest time deposit are as easy as deposits to a regular savings account, but receive a higher CD interest rate.
- Any Community Bank & Trust teller can make these deposits for you, or you may choose automatic transfers from checking or savings accounts directly into this Flex-Invest CD.
- Open this account with $200 and you will earn our current one year Flex-Invest CD interest rate. This Certificate of Deposit could be used for many purposes; however, one of the most popular uses might be for your children's educational savings.
- Multiple deposits that are made into this account will mature on the same date as the original deposit. All deposits will then merge into a new single deposit at the time the CD automatically renews.