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Roth IRA

Roth IRAs offer you an opportunity to create tax-free income (contact your tax advisor) during retirement and can be a good way to diversify your future retirement income. The sooner you start, the longer your money can grow.

Traditional IRA Roth IRA Rollovers and Transfers
  • Contributions are non-deductible but all withdrawals, including earnings, are tax-free if the account has been open for five years and the account holder is 59 ½ or older.
  • IRA allows penalty-free and tax-free withdrawals at any time (until total distributions from all Roth IRAs exceed the contribution amount - no distribution is subject to either taxation or penalty).
  • Transferring money from a traditional IRA to a Roth - a procedure known as converting. Anyone willing to pay the income taxes due upon making such a move will be able to funnel retirement savings into a Roth, where it can grow tax-free.

Contribution Limits for the 2020 Tax Year

  • $6,000 for individuals, $12,000 for married couples
  • Catch up contributions for IRA owners 50 years or older is an additional $1,000

Retirement Certificates of Deposit

Rates as of August 13, 2020

Certificate Term Minimum to open and earn APY Interest Rate* Annual Percentage Yield
6 Month Fixed $500 0.70% 0.70%
9 Month Fixed $500 0.40% 0.40%
12 Month Fixed $500 0.45% 0.45%
13 Month Fixed Special** $500 0.80% 0.80%
14 Month Fixed Special^ $500 0.80% 0.80%
15 Month Fixed $500 0.80% 0.80%
16 Month Fixed*** $500 0.80% 0.80%
18 Month Fixed $500 0.50% 0.50%
19 Month Fixed**** $500 0.80% 0.80%
24 Month Fixed $500 0.45% 0.45%
30 Month Fixed $500 0.90% 0.90%
36 Month Fixed $500 0.80% 0.80%
48 Month Fixed $500 0.90% 0.90%
60 Month Fixed $500 0.90% 0.90%
* Rates are subject to change without notice; fees and withdrawals could reduce earnings on accounts. Fees are subject to change. A penalty may be imposed for early withdrawal from a certificate of deposit (CD) account. 
**13 Month CD will automatically roll into the then 12 Month CD rate and term upon maturity.
^14 Month CD will automatically roll into the then 18 Month CD rate and term upon maturity.
***16 Month CD will automatically roll into the then 18 Month CD rate and term upon maturity.
****19 Month CD will automatically roll into the then 18 Month CD rate and term upon maturity.