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New Buffalo Savings Bank with offices in New Buffalo, Sawyer and Three Oaks, Michigan, serves all of Harbor Country. |
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Certificate of Deposit RATES
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An Individual Retirement Account (IRA) is an account set up for the exclusive benefit of you or your beneficiaries. Every individual who has earned income or received alimony may contribute to an IRA. We offer Certificates of Deposit for Traditional and Roth IRAs with highly competitive rates to assist you in planning for a secure financial future.
"CATCH UP" Contributions
Workers 50 and older before the end of the taxable year can make additional IRA contributions.
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With a Traditional IRA, contributions may be fully tax deductible. Taxes are deferred on your earnings until withdrawal. Participation in an employer-sponsored pension or profit plan will affect the percentage of deduction allowed. |
A Roth differs from the Traditional IRA in that contributions are not tax-deductible. There is no tax benefit in the year of deposit.
Instead, your earnings qualify for tax-free growth. This could be appropriate for you if you expect to be in the same or higher tax bracket when you reach 70 1/2.
You may contribute to a Roth IRA if you have taxable compensation and your modified adjusted gross income is less than $110,000, ($160,000 if you are married and file a joint return, and $10,000 if you are married and file a separate return).
The amount you may contribute to a Roth IRA may be reduced by contributions you make to a Traditional IRA. You may continue to make contributions to your Roth IRA after reaching age 70 1/2. There is no mandatory distribution of funds from a Roth IRA.
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Passbook & Statement Savings, or Certificates of Deposit. Safe and secure, Certificates of deposit help you achieve your short and long term retirement objectives.** Any of our CDs - 45 days to 10 years - can be used as Individual Retirement accounts*.
"One Chance to Change" Certificate of Deposit
Open this CD at today's rate, then later, should rates go up, you will have the one-time option to change your certificate interest rate to the higher one. An excellent opportunity to take advantage of higher interest rates in the future. Minimum term of 2 years**.
* IRAs subject to rules and restrictions.
** New Buffalo Savings Bank imposes substantial penalty on all certificates if withdrawn prior to maturity.
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New Buffalo Savings Bank, FSB 45 N Whittaker St., New Buffalo MI 49117 Equal Housing Lender Member FDIC Copyright 2007 NBSB
Providing banking services to New Buffalo, Three Oaks, Sawyer, New Troy, Michiana, Union Pier, Lakeside, Harbert, Grand Beach, Bridgman, Harbor Country Michigan, and NW Indiana. |
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