Internet Banking Login

Learn More | Enroll Now
View Demo

Apply Now

Applying for our products and services is easy!






Personal Banking

Retirement / Education


Choose from » Traditional IRA » Roth IRA » Education IRA


 

Traditional Individual Retirement Account (IRA) / Certificate of Deposit


Earn FDIC-insured, tax-deferred interest on your retirement savings.

This is a retirement savings plan established by an individual that offers tax deferred earnings until withdrawn, income for retirement, and in some cases, an income tax deduction.

The minimum deposit to open this account is $100.00 and minimum deposits of $50.00 may be made anytime during the taxable year.

Certificates must be taken for at least a one-year term. They are available in terms of 1, 2, 3, 4 and 5 year terms. Odd term CDs may be selected when available.

CD maturity renewal notices are mailed at maturity and a detailed annual status report every January.

Penalties / Restrictions:

  • No bank or IRS penalties are assessed on withdrawals after age 59½, disability, death, one in a series of substantially equal periodic payments, deductible medical expenses, certain health insurance premiums, or first time home buyer.
  • Withdrawals prior to the certificate maturity on persons under 59½ incur a bank penalty of three months interest for 1 year CDs and six months interest for CDs over 1 year and they are also subject to the 10% IRS penalty.
  • Withdrawals on a certificate at maturity or within the 20-day grace period do not incur a bank penalty regardless of the IRA holder’s age, but are subject to the 10% IRS penalty rules on a person under age 59½.

For more information, contact a Customer Service Representative or Sales Associate.

Click here for Current Certificate of Deposit IRA Rates.


 



 

Roth Individual Retirement Account (IRA) / Certificate of Deposit


A flexible, secure way to save for retirement ... at any age.

This is a non-deductible retirement account established for the exclusive benefit of an individual featuring tax-free withdrawals for certain distribution reasons after a five year holding period. People who retire in a higher tax bracket may benefit more from a Roth IRA than a Traditional IRA.

This account is available to every income-earning individual and non-earning spouse with a modified adjusted earned income (MAGI) that does not exceed certain limits.

The minimum deposit to open this account is $100.00 and minimum deposits of $50.00 may be made anytime during the taxable year.

Certificates must be taken for at least a one-year term. They are available in terms of 1, 2, 3, 4 and 5 year terms. Odd term CDs may be selected when available.

CD maturity renewal notices are mailed at maturity and a detailed annual status report every January.

Penalties / Restrictions:

  • No bank or IRS penalties are assessed on qualified withdrawals after reaching age 59½, permanent disability, a first-time home purchase, or in the event of your death.
  • The 10% IRS penalty is also waived for certain other distributions. For these distributions, taxes on any earnings will apply. Roth IRA distributions that are subject to taxes on any earnings withdrawn but, no penalty include:
    • Substantially equal periodic payments
    • Medical expenses in excess of 7.5% of your adjusted gross income (AGI)
    • Health care insurance if you’ve been receiving unemployment compensation for at least 12 weeks
    • Qualified higher education expenses
  • Distributions taken for any reason other than qualified reasons listed here are subject to both taxes and 10% IRS penalty on any earnings withdrawn
  • Withdrawals at the certificate maturity date or within the 20-day grace period do not incur a bank penalty regardless of the IRA holder’s age

For more information, contact a Customer Service Representative or Sales Associate.

Click here for Current Certificate of Deposit IRA Rates.


 



 

Coverdell Education Savings Account (IRA) / Certificate of Deposit


The easy way to plan ahead for a child's higher education expenses.

This is a non-deductible account that features tax-free withdrawals for a very specific purpose – a child’s higher education expenses.

This account is available to any person wishing to set up an account for the benefit of a child’s higher education (i.e. – parents, grandparents, aunts and uncles). 

  • The contributor’s modified adjusted gross income (MAGI) cannot exceed certain limits.

The contributor does not have to be under the age of 70½ or have earned income.

The minimum deposit to open this account is $100.00 and minimum deposits of $50.00 may be made anytime during the taxable year.

Certificates must be taken for at least a one-year term. They are available in terms of 1, 2, 3, 4 and 5 year terms. Odd term CDs may be selected when available.

CD maturity renewal notices are mailed at maturity and a detailed annual status report every January.

Penalties / Restrictions:

  • Contributions may be made on behalf of the child until the day of his or her 18th birthday
  • The total aggregate contribution into one of more Education IRAs on behalf of a child is $2,000 for the taxable year
  • As a contributor, your allowable contribution depends on your MAGI
  • Nonqualified distributions are subject to taxes and a 10% penalty

For more information, contact a Customer Service Representative or Sales Associate.

Click here for Current Certificate of Deposit IRA Rates.