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When you’re able to commit your deposit for a longer term, you’ll earn a higher yield by opening a Certificate of Deposit. With a minimum opening amount of just $300, certificate of deposit terms range from one month to five years. The rate is locked in for the full term of the deposit, with interest compounded and paid monthly for terms shorter than 12 months and quarterly for terms of 12 months or longer. Interest may be periodically re-deposited into the certificate for a higher Annual Percentage Yield, or paid to you on a quarterly basis.

Individual Retirement Accounts

You may qualify for tax benefits while you save for retirement. We offer an array of IRA accounts such as Club Accounts, IRA Certificates of Deposit and Roth IRAs. Please contact our IRA specialist and your tax advisor regarding your qualification for interest tax deductibility, along with cases when withdrawals may be made without penalty.

IRA – This tax deferred savings features no minimum deposit requirement and no specified term. This traditional IRA allows members under the age of 50 a maximum contribution of $4000.00 for 2007 and $5000.00 for 2008. For members 50 and older you can contribute a maximum of $5000.00 for 2007 and $6000.00 for 2008.  The interest rate is subject to change quarterly, and is compounded and paid quarterly. This program offers a great place to "park" your IRA savings while investigating your retirement savings options.

IRA Certificate of Deposit – This tax deferred savings features a $1,000 minimum deposit requirement, with similar terms and interest rates as our traditional Certificates of Deposit. The rate is locked in for the full term of the deposit. Upon CD maturity, you may withdrawal the funds and redeposit into another authorized IRA within 60 days.

Roth IRA – This IRA currently allows up to $4,000 non-deductible deposits with all earnings free of federal income tax if the money saved is on deposit for five years or more.  Some penalty-free withdrawals are allowed for qualified education expenses, disability and first time home purchases (lifetime limit is $10,000 per person).  The Roth IRA is phased out for individuals with adjusted gross income of over $95,000 ($150,000 for joint filers), and members under the age of 50 are allowed a maximum contribution of $4000.00 for 2007 and $5000.00 for 2008. For members 50 and older you can contribute a maximum of $5000.00 for 2007 and $6000.00 for 2008.

Education Savings Account (Coverdell Education Savings)

 The Coverdell Education Savings Account helps to pay for a child’s education expenses.  Contributions to the Coverdell ESA are not tax-deductible.  However, earnings and qualified withdrawals are tax-free.  Current maximum annual contributions are limited to $2,000 per child under age 18 (reduced when AGI exceeds $95,000 for individual filers and $190,000 for joint filers).