CD's and IRA's
Term |
Minimum Deposit |
Interest Paid |
91 Day |
$500.00 |
Quarterly |
6 Month |
$500.00 |
At Maturity |
12 Month |
$500.00 |
Quarterly |
18 Month |
$500.00 |
Quarterly |
24 Month |
$500.00 |
Quarterly |
36 Month |
$500.00 |
Quarterly |
48 Month |
$500.00 |
Quarterly |
60 Month |
$500.00 |
Quarterly |
Graduate CD |
$100.00 |
Quarterly |
Call for rates.
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.
The Graduate CD
- 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.
Individual Retirement Accounts
- 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 Limits:
- 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.
2020 HDHP Minimum Deductible:
- 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.
2020 HDHP Maximum out-of-pocket expenses:
- Self-Only HDHP Coverage: $6,900.00
- Family HDHP Coverage: $13,800.00