Deposits

Investment Accounts

Money Market Deposit Account

• Earn a higher yield than a Share Savings Account
• Funds may be withdrawn without penalty
• Dividends are earned and paid monthly
• Minimum balance of $2,500 is required

  Share Certificates

• Customize the terms of your investments ranging from 6 months to 84 months
• Term deposit accounts typically earn higher interest rates than other accounts
• Dividends are earned and paid monthly 

Individual Retirement Accounts

Traditional IRA

• Dividends are tax-deferred until withdrawal
• Most annual contributions may be tax-deductible
• Required to start withdrawing money after age 70½

Roth IRA

• Annual contributions are not tax-deductible
• More flexible features
• Not required to start withdrawing money after age 70½

When you withdraw the dividends, you pay no taxes if the funds have been in the account at least five years and have one of the following conditions:

• You are over 59½ years of age or
• You become disabled or
• You are a first time homebuyer (up to $10,000 maximum withdrawal)

Coverdell ESA

The Coverdell Education Savings Account (ESA), formerly known as an Education IRA, is a trust or account in the name of the student. Unlike a 529 Plan, which is only designed to pay for postsecondary education expenses, the ESA can be used to pay for elementary and/or secondary (high school) education.