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CDs, IRAs, HSAs

CDs, IRAs, and HSAs at Peoples Community Bank

Peoples Community Bank makes it easy to start saving money. With our excellent savings account options, you can start creating your own safety net for when life throws you a curveball, or when you’re ready for a well-deserved vacation.

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Certificate of Deposit (CD)

Certificates of Deposit are a way to earn a predictable, steady return on your investment. You choose the term length of your CD, and then receive the interest you’ve earned when the CD matures at the end of the term. Contact our team to learn the latest rates and terms on CDs from Peoples Community Bank.

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 passbook savings until they have saved the minimum.

Individual Retirement Account (IRA)

Individual Retirement Accounts are tax-sheltered plans that help you prepare for your retirement and your future. You can choose a Traditional IRA, in which your contributions are tax-free, and you only pay taxes on investment gains when you withdraw from the account in retirement. Or you can choose a Roth IRA, in which your contributions are taxable, but your withdrawals are completely tax-free in retirement. Contact our team for advice about which IRA is right for you.

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Traditional IRA – If you are under age 50 in 2021 the maximum IRA limit for contributions that you can make is $6,000, up to the amount you make in taxable income in 2021. For example, if you only make $4,000 , this is the maximum you can contribute. If you turn 50 or older in 2021, the maximum you can contribute to your IRA account is $7,000, up to but not exceeding your 2021 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 2021 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 2021 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.

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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.

Health Savings Account (HSA)

A Health Savings Account lets you save money in an investment account on a pre-tax basis, to be used later for qualified medical expenses, such as deductibles and copays. HSAs are also great if you’re planning for retirement, because you can use the funds for general living expenses once you reach retirement age. Contact Peoples Community Bank to learn how much you can save with a tax-advantaged Health Savings Account.

2021 HSA Contribution Limits – 2021 HSA contribution will be $3,600 for individuals with self-only or single coverage. 
For those with family coverage, the maximum contribution will be $7,200. 
For single or family the 55+ catch-up contribution is $1,000.

2021 HDHP Minimum Deductible – For a single individual, an HSA-qualified health plan in 2021 must have a deductible no lower than $1,400. 
For a family, an HSA-qualified health plan in 2021 must have a deductible no lower than $2,800.

2021 HDHP Maximum Out-of-Pocket Expenses –  Self-Only HDHP Coverage: $7,000.00 
Family HDHP Coverage: $14,000.00

Choose Peoples Community Bank

When you choose Peoples Community Bank, you’ll be treated like family each and every time you walk in our doors. Contact us today for more information about our savings account or visit one of our branches. Find the Peoples Community Bank near you on our Branch Locations Page.