CD & IRA
Certificates of Deposit and Individual Retirement Accounts are two popular ways to invest your hard-earned money. Both are FDIC insured.
- Certificates of Deposit
- Individual Retirement Accounts (IRAs)
- Traditional IRA
- Roth IRA
- Coverdell Education Savings Account
Certificates of Deposit
A CD is an investment for a specific term with a guaranteed yield. You select the flexible term that works best for you and watch your money grow. You are provided a 10-day grace period to change your CD or to withdraw your money following the maturity date. After the grace period, it renews automatically.
- $500 minimum balance to open
- Terms ranging from 90 days to 5 years
- Interest can be paid to the certificate of deposit account, deposited to a Crawford County Trust and Savings Bank checking or savings account, or an interest check can be mailed directly to you
- 3, 4, and 5 year certificates have "Change-A- Rate feature" (allows interest rate to be changed one time during the term at customers discretion)
- Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per insured bank, for each account ownership category. To learn more about the FDIC, visit them online at: www.fdic.gov.
Individual Retirement Accounts (IRAs)
With a Crawford County Trust and Savings Bank Individual Retirement Account, invest your funds for the future with our Traditional and Roth IRAs or Coverdell Education Savings Account.
- $25 minimum balance to open
- May add to at any time
- Variable rate adjusted quarterly
- 18 month term, compounded semiannually
- Additional, non-FDIC insured investment options available through First Retirement Plan
Traditional IRA
- Contributions may be tax-deductible*
- Tax-deferred growth of earnings
- Maximum annual contributions of $5,000. This amount is subject to cost of living adjustments.
- Additional “Catch Up” Contributions of $1,000 for individuals 50 and older
- No contributions after age 70 1/2
- Distributions must begin at age 70 1/2
Roth IRA
- Non-deductible, after-tax contributions
- Tax-free earnings and distributions *
- Maximum annual contributions of $5,000. This amount is subject to cost of living adjustments.
- Additional “Catch Up” Contributions of $1,000 for individuals 50 and older
- Contributions permitted after age 70 1/2
- Distributions NOT required after age 70 1/2
Coverdell Education Savings Account
- Can be set up by anyone for any child under the age of 18
- Non-deductible, after-tax contributions
- Tax-free earnings when distributions are for qualified educational expenses*
- Maximum annual contribution of up to $2,000
*Consult your tax advisor regarding potential tax savings.
