Savings, Certificates of Deposit & IRAs
Savings Plans
Your money is ready whenever you need it, wherever you go.
Statement Savings
It's the basic savings account that allows you to make deposits and withdrawals
whenever you need. And, the Savings account offers three tiers with rates
paid by balance. The higher your balance, the more you'll earn! Interest
is compounded and paid quarterly. You also receive a statement at least
quarterly, or monthly under certain conditions. You also get the added convenience
of being able to access your account through ATM's, Internet Banking and
Telebank. Open with a minimum deposit of $100.
$250 Easy CD
With our exclusive (182 day) "Easy CD", you can start with as little
as $250. Add to your "Easy CD" with deposits as small as $5, whenever you
like. It pays more than twice the interest of our regular savings account.
Opening several "Easy CD's" is a great way to save for college, vacations
and small purchases with different maturities to suit your needs.
* Substantial penalty for early withdrawal.
Certificates of Deposit
To earn higher savings interest rates you can invest for specific period
of time, from as short as thirty days or up to five years. We will guarantee
interest rates for the period you select. Withdrawals made before the maturity
date may result in a substantial penalty. View our current
rate and term information.
IRA-Individual Retirement Accounts
Here are ways to help you secure a financially sound retirement or save
for your children's education. You have a choice of a number of IRA plans
and investment options. Different IRA plans have different requirements
and restrictions.
Traditional IRA
A traditional IRA is a special tax deferred savings plan authorized by
the federal government to encourage you to accumulate money for retirement.
Roth IRA
A Roth IRA is an individual retirement account to which participants
are able to make annual non-deductible contributions. Unlike a traditional
IRA in which your earnings are tax-deferred, Roth IRA earnings can be tax
free.
* Please consult a tax advisor or accountant for tax deductibility information.
Coverdell Education Savings Accounts
Formerly known as Education IRA's, Coverdell Education Savings Accounts
are an ideal way for you to begin saving money to help a child, grandchild,
or any young person you know pay for higher education expenses down the
road. Contributions to a Coverdell Education Savings Account are not tax-deductible,
but distributions used to pay for the qualified education costs of the named
beneficiary are generally tax free.
* Please consult a tax advisor or accountant for tax deductibility information.
For additional information on all of the products listed above, call
your Hometown Banker today.
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