Personal

IRAs and Certificates of Deposit

Individual Retirement Accounts (IRA)

A convenient way for customers who qualify to provide for their retirement.

  • Three options are available to best suit your retirement and education 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.

View Rates

IRA Variable Rate Savings Account

  • Minimum deposit of $50.00 to open, and minimum daily balance of $50.00 to earn APY
  • Interest is compounded daily and credited monthly
  • No monthly maintenance fee
  • Additional deposits in the amount of $50.00 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

View Rates

Certificates of Deposit

Certificates of Deposit

  • $500.00 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.

    View Rates

Power Certificates of Deposit

  • $500.00 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

View Rates

 

Power Flex Certificates of Deposit

  • $10,000.00 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 $250,000.00
  • 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 $1,000.00. You must maintain a balance of $10,000.00 at all times to avoid penalty. You may add to the certificate one time during each calendar month with a minimum deposit amount of $1,000.00.

View Rates

*One time during the term of your account, at your election, we will change the interest rate on your account to the interest rate we offer on accounts of the same term as the original contracted term of your account.

 

 

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Monday, June 26, 2017