CD's and IRA's

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CD FAQs

Can a customer withdraw their interest - No. The customer must redeem the entire certificate, we cannot give the customer a partial amount of their certificate.
Can the rate be negotiated - Sometimes. In most instances we are only allowed to give the customer the board rate. If it is a situation that you are not sure about it is always best to ask management.
Can you open a CD with less than $500.00 - No. We are not allowed to open a certificate with less than $500.00, although the customer can put the money in a passbook savings until they have saved the minimum.

Minimum balance to open the account - You must deposit $100.00 to open this account. Additional deposits may be made to this account any time with a minimum deposit of $25.00 each.
Determination of Rate - Rate is determined by the term of certificate.
Maximum Deposits - Deposits may not exceed $5,000 per year.
Other term - Childs name must be primary owner.
Effect of closing the account early - There is a penalty for early withdrawal.

An IRA - is a tax-sheltered plan that allows you to provide for your financial future.
Traditional IRA - If you are under age 50 in 2020 your maximum IRA limit for contributions that you can make is $6,000, up to the amount you make in taxable income in 2020. For example, if you only make $4,000 , this is the maximum you can contribute. If you turn 50 or older in 2020, the maximum you can contribute to your IRA account is $7,000, up to but not exceeding your 2020 taxable income. This amount includes the $6,000 limit that everyone qualifies for, as well as an additional $1,000 catch-up contribution. All and/or part of your contributions may be tax deductible.
Roth IRA - If you have both a traditional IRA and a Roth IRA, it is important to know that the 2020 limits apply to combined contributions. Therefore, if you are under age 50, you can invest $2,000 into your traditional IRA and up to a $4,000 maximum into your Roth IRA, or any other combination as long as the total doesn't exceed $6,000. If you are over 50, any combination of investment up to $7,000 is allowed by the federal government. If you have a Roth IRA only, then your maximum 2020 contribution limit is $6,000, and if you are over 50, your maximum contribution limit is $7,000.
Rollovers and Transfers from a pension, profit sharing, 401K retirement plan or tax sheltered annuity will retain the tax deferred status.

2020 HSA contribution will be $3,550 for individuals with self-only or single coverage.
For those with family coverage, the maximum contribution will be $7,100.
For single or family the 55+ catch-up contribution is $1,000.

For a single individual, an HSA-qualified health plan in 2020 must have a deductible no lower than $1,400.
For a family, an HSA-qualified health plan in 2020 must have a deductible no lower than $2,800.