CDs & IRAs
Certificates of Deposit
Choose a maturity date to fit your needs, and earn competitive, fixed rates. Minimum deposits for these accounts are $1,000 for one year or less, and $500 for one year and more. Federal regulations require penalty for early withdrawal.
Individual Retirement Accounts (IRAs)
An IRA is a special savings plan that lets you put aside money you earn today to be used later for your retirement. Depending on your income, income tax liability on those funds may be deferred. Interest earnings are not taxed until withdrawal (there may be a penalty for early withdrawal).
We understand the importance of financial security in your retirement years. We believe it is important to help our clients reach their personal financial goals. We offer a variety of Individual Retirement Accounts (IRA) to help you save for your long awaited retirement.
Traditional IRAs
- Contact your IRA Specialist to determine your contribution limits for this year. Individuals 50 and older can make additional "Catch Up Contributions" each year.
- Deductibility of contributions for active participants in an employer-sponsored retirement plan is now dependent upon their adjusted gross income.
- Income levels for IRA deductibility are increased, thereby improving the eligibility of many individuals to make tax-deductible IRA contributions.
Please consult a tax advisor regarding the deductibility of interest.
Roth IRAs
- Provides tax-free distributions upon withdrawal of funds when distribution requirements are met.
- While Traditional IRAs offer tax-deferred earnings, Roth IRAs provide tax-free earnings. Contributions to a Roth IRA are not tax-deductible
It's easy to move your IRA to Community Bank & Trust.
Community Bank & Trust can maintain your total IRA for you. If you have already opened an IRA elsewhere, we will be happy to assist you in having these funds deposited with us.
An IRA to IRA “rollover” allows you to withdraw your present IRA funds and re-deposit them into an IRA with us, as long as you re-deposit them within 60 days of receipt (a “rollover” is permitted only once each year).
An IRA to IRA “transfer” allows you to direct your present IRA trustee or custodian to transfer your funds directly to us. We will be happy to assist you in making these arrangements.
Contact your Community Bank & Trust IRA Specialist today to determine which IRA is right for you.
Deposits are insured by the Federal Deposit Insurance Corporation up to $250,000.
IRA deposits are insured separately by the Federal Deposit Insurance Corporation up to $250,000.
