Fixed Rate Accounts

• 6 - 60 month fixed rate certificate accounts available.
• $500 minimum balance
• Compounds semi-annually
• Interest can be credited to an internal account, sent out by check or compounded to the certificate
• Early withdrawal penalties may apply
• Automatically renewable
• Contact the bank to receive our current rates

Variable Rate Account

• 18 month variable rate account
• Interest compounds semi-annually
• $50 minimum deposit required
• Deposits are allowed at any time

IRA TYPES

Traditional IRA

• Earnings on a traditional IRA are tax-deferred.
• Contributions may be tax deductible.
• Funds can be withdrawn after age 59½ without a tax penalty.
• Distributions must be taken beginning at age 70½.

Roth IRA

• Earnings on a Roth IRA are tax free.
• Contributions are not tax-deductible.
• Contributions may be withdrawn tax and penalty free.
• Distributions are not required to be taken at age 70½.

Education IRA

• This IRA was designed specifically to help with education expenses.
• Deposit must be made for a designated beneficiary under age 18, and withdrawals must be made by the time the beneficiary is age 30.
• Distributions and earnings are tax-free, provided they are used for qualified education expenses.
• A child can contribute to his or her own account.
• Almost any person may contribute which could include grandparents.
• The maximum annual contribution is $2,000 per child.
• The contribution deadline is April 15th.