Regular CD
- Opening Deposit: $1,000 Minimum
- Auto-renewable
- No additions until maturity
- Terms Available:
1 Month 3 Months 6 Months 12 Months 18 Months 24 Months 30 Months 36 Months 48 Months 60 Months - Early Withdrawal Penalties:
- 30 day – 1 year term: 90 days interest penalty
- 18 month – 30 month term: 180 days interest penalty
- 3 year – 5 year term: 365 days interest penalty
- Contact Us for rates
2 Year First Choice CD
- Opening Deposit: $2,500 Minimum
- Auto-renewable
- You can make a minimum of $500 deposits to the account at your discretion. Total deposits may not exceed the original face value of the certificate of deposit. Additions allowed (limits apply).
- Annual Percentage Yield (APY) is tied to the regular 2 Year CD APY; can be adjusted one time during the 2 year term upon your written request
- 180 days interest penalty for early withdrawal
- Contact Us for rates
Will retirement be enough? An Individual Retirement Account (IRA) is a way to save for retirement and/or supplement your employer-sponsored retirement plan. Consult your tax advisor to see if investing in an IRA could qualify you for a tax credit!
IRA Comparisons
Traditional IRA
- Contributions may be tax-deductible
- Interest earned is tax deferred
- No minimum age requirement to contribute; the maximum age to contribute is 70 ½
- Accountholder must have earned income and file a tax return
- Contribution limits may apply
Roth IRA
- Contributions are not tax-deductible
- Interest earned is tax-free and penalty free as long as the distributions are qualified
- No minimum age requirement to contribute; no maximum age to contribute
- Accountholder must have earned income and file a tax return
- Contribution limits may apply
Coverdell Education Savings Account (CESA)
- Established for the benefit of a child under the age of 18
- Contributions are not tax-deductible
- May contribute $2,000 per tax year
- Interest earned is tax-free and penalty free as long as the distributions are for qualified educational expense
- No minimum or maximum age requirements for the contributor
- The contributor does not need to have an earned income
Fixed Rate IRA
- Available plans: Traditional, Roth, and Coverdell
- Minimum opening deposit: $1,000
- Auto-renewable
- Annual Percentage Yield (APY) is tied to the corresponding regular CD APY
- No additions allowed until maturity
- Terms available:
- 12 Months
- 24 Months
- 36 Months
- 48 Months
- 60 Months
- Early Withdrawal penalties:
- 12 Month Term: 90 day interest penalty
- 24 Month Term: 180 day interest penalty
- 36-60 Months Term: 365 day interest penalty
18 Month Variable IRA
- Available plans: Traditional, Roth, and Coverdell
- Minimum opening deposit: $100
- Auto-renewable
- Annual Percentage Yield (APY) changes monthly
- Can make additions anytime
- 180 day interest penalty for early withdrawal
24 Month First Choice IRA
- Available plans: Traditional, Roth, and Coverdell
- Minimum opening deposit: $2,000
- Auto-renewable
- Annual Percentage Yield (APY) is tied to the regular 2 Year CD APY
- Your APY can be adjusted one time during the 2 year term upon your written request
- Can make a minimum of $500 deposits to your account at your discretion
- 180 day interest penalty for early withdrawal
60 Month Roth IRA
- Available plan: Roth
- Minimum opening deposit: $500
- Auto-renewable
- Annual Percentage Yield (APY) is tied to the regular 5 Year CD APY
- Your APY can be adjusted two times during the 5 year term upon your written request
- Can make a minimum of $100 deposits to your account at your discretion
- 1 year interest penalty for early withdrawal
Note on interest-bearing accounts: Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks). We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day. Interest rates my change anytime at the bank’s discretion. For current interest rate information contact First Bank & Trust Co.