Saving for the Future

Our Certificates of Deposit are available for use as Traditional or Roth IRAs to help you reach your retirement goals. These IRAs follow the IRS requirements. Normal disclosures for Certificates of Deposit apply when used as IRAs.

Penalty for Early Withdrawal of Certificates of Deposit: Depositing your funds into a Certificate of Deposit means you agree to keep your funds in the Certificate until the maturity agreed upon. We reserve the right to allow principal withdrawals only when it reaches maturity. If we allow an early withdrawal of the principal, we will impose an early withdrawal penalty.

We calculate the penalty using the Certificate of Deposit applicable interest rate at the time of withdrawal. If the amount calculated is greater than what is already accrued plus unpaid interest, then we would need to reduce the principal amount.

The penalties for early withdrawal are:

Term Early Withdrawal Penalty
90 days or less 1 Month
91-364 days 3 Months
One Year or more 6 months