Personal Banking
Checking | Savings | CDs & IRAs | Personal Loans
CDs & IRAs
See below for info on new FDIC
limits.
Certificates of Deposit
This interest bearing account is best for anyone who wants to
earn a higher rate of interest for a set term. $500 minimum and
more opening balance. There is a substantial penalty for withdrawal
prior to
maturity.
- Terms of three (3) months to five(5) years available.
- Interest begins
to accrue on non cash items the business day the bank receives
the deposit. Interest may be paid or compounded.
- Individual Retirement Account (IRA) Certificate of Deposit
requires
a $250 minimum to open (see below).
Individual Retirement Accounts (IRAs)
Traditional, SEP, Roth, and Educational IRA available.
Best for anyone planning for their retirement, or funds for educational
needs.
- Interest begins to accrue on non-cash items the business day
the bank receives the deposit. Interest is compounded daily.
- Funds
are invested in Certificates of Deposit for a guaranteed
return on your investment. See Certificates of Deposit section
for more details.
$250.00 minimum opening balance. Substantial penalty for withdrawal
prior to maturity on Certificates of Deposit Outgoing transfers
or roll-overs are subject to a documentation
fee of $25.00 each.
FDIC-Insured Deposits for
Retirement
now Guaranteed up to $250,000
Congress recently raised the limit on the federal
deposit insurance that protects your retirement savings. The new law
provides up to $250,000 of deposit insurance for retirement accounts
-- the combined total of the traditional and Roth IRAs (Individual
Retirement Accounts), self-directed Keoghs and certain other
retirement accounts an individual may have on deposit at an
FDIC-insured bank or savings institutions, up from $100,000
previously. In general, self-directed means the consumer chooses how
and where the money is deposited.
Note: FDIC insurance coverage for self-directed retirement
accounts applies primarily to certificates of deposit or "CDs".
Please see above info regarding CDs and IRAs. These accounts also
are insured to $250,000 separately from any other deposits you may
have at the same institution. The higher coverage took effect on
April 1, 2006.
Remember, the basic insurance coverage for other deposit accounts
remains at $100,000 per depositor. For further information, visit
www.fdic.gov or call the FDIC toll
free at 877-275-3342.
