CDs and IRAs
Save and Grow Your Money for Whatever Comes Next
The future can be scary to think of, especially when you think of it in terms of money. Whether you want to have more secure wealth or start saving now for your retirement, Timberwood Bank is here to help with certificates of deposit (CDs) and individual retirement accounts (IRAs).
CDs at Timberwood Bank
A certificate of deposit is a safe and secure way to grow your money over time. Funds in a CD are protected by the FDIC up to at least $250,000, and CD options at Timberwood Bank come in a variety of rates and maturity periods.
- Your return is your deposit plus the interest it has earned over its maturity.
- CD accounts start at $2,500, with maturity terms available from three months to five years.
- Choose how you want to receive your interest payments:
- Additional deposits are not allowed until maturity.
- No checks can be written.
- Maturity notices are mailed prior to maturity date.
- Early withdrawal penalties may result in reduced earnings.
Call or stop by Timberwood Bank to learn more about our certificate of deposit accounts.
IRAs at Timberwood Bank
Individual retirement accounts are another great way to save money for a better future. Starting with a $1,000 deposit, you can select a maturity term from one to five years. Certificate of deposit IRAs also come with annual statements to show you the growth of your IRA. As with CDs, early withdrawal penalties may apply to IRAs at Timberwood Bank.
Come by Timberwood Bank Today to Learn More or Open your CD or IRA
Start saving for your long-term future with a CD or IRA by visiting the Timberwood Bank office. Our staff can help walk you through the pros and cons of each option to ensure you choose the right product for your individual needs.
*Please consult with your tax advisor concerning the deductibility of deposits.