CDs and IRAs

CD's & IRA's

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Certificates of Deposit (CDs)

  • Preferred CD rates with GenGold® Checking.
  • $500.00 minimum balance to open account.
  • $500.00 minimum balance to receive APY.
  • Interest rates are reviewed on a weekly basis.
  • Simple interest will compound monthly on any certificate less than 1 year in length. Interest will compound continuously on certificates of 1 year or over in length. Interest will be credited to the account monthly on all certificates.
  • Accounts closed before interest is credited will not receive accrued interest.
  • Interest begins to accrue on the first business day after the banking day checks are deposited.

Transaction Limitations

Additional deposits are allowed only at maturity. Withdrawals of principal not allowed without penalty. Withdrawals of interest allowed after it is credited.

Early Withdrawal Penalties:

  • Maturity of less than 1 year: 6 months interest on amount withdrawn.
  • Maturity of 1 year or more: 12 months interest on amount withdrawn.

 

Individual Retirement Accounts (IRA's)

  • $500.00 minimum balance to open account.
  • $500.00 minimum balance to receive APY.
  • Interest rates are reviewed on a weekly basis.
  • Interest is credited monthly and compounded continuously.
  • No service charge.

 

Traditional IRA

Eligibility:

Under age 70 ½ with earned income.

Maximum Investment:

Depends on the contribution taxable year and your age or 100% of earned income whichever is less. *

Spousal Investment:

Depends on the contribution taxable year and your age or 100% of earned income whichever is less. *

Tax Deductible

This depends on income, filing status and whether the investment is covered by a retirement plan. Please consult your tax advisor.

Tax Deferred

All earnings are tax deferred until withdrawal.

Withdrawal of funds

Withdrawal of funds before age 59 ½ maybe subject to 10% IRS penalty. Withdrawal must start by April 1 following the year in which you reach age 70 ½. Amounts withdrawn become part of taxable income for year withdrawn.

Certificate of Deposit stipulations may also apply.

* Please contact one of our customer service representatives for contribution limits.

 

Roth IRA

Eligibility

No age limit with earned income. Contribution is controlled by total income.

Maximum Investment

Depends on the contribution taxable year and your age or 100% of earned income whichever is less.*

Tax Deductible

No, but all earnings are non-taxable if the account remains open for 5 years.

Withdrawal of funds

Withdrawal of funds before age 59 ½ may be subject to 10% IRS penalty and the earnings portion of the withdrawal maybe taxable.

Certificate of Deposit stipulations may also apply.

*Please contact one of our customer service representatives for contribution limits.

 

Coverdell ESA (Education IRA)

Eligibility

Generally for children age 17 or under. Funds for payment of “Qualified Higher Education Expenses.”

Maximum Investment

Up to $2,000.00 per year depending upon your annual income.

Tax Deductible

No, but all earnings are non-taxable if used for qualified expenses.

Withdrawal of Funds

Withdrawal of funds for other than qualified higher education expenses are subject to a 10% IRS penalty.

Certificate of Deposit stipulations may also apply.

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