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A Certificate of Deposit (also known as a CD, COD, or Time Account) is a financial product that usually pays a fixed interest rate for a set period of time (known as a "term"), ranging from a few months to several years. By depositing your money into a CD for a set term, you won't lose any of your initial deposit and will lock in your interest rate until your money matures.
A Traditional Individual Retirement Account (IRA) is an account that allows pre-tax contributions and features tax-deferred growth. In some cases, you may be able to deduct some or all of your contributions on your tax return.
A Roth Individual Retirement Account (IRA) is an account that allows nondeductible contributions but features tax-free withdrawals for certain distribution reasons after a five-year holding period. The term "tax-free" means free from federal income taxes.
*IRA information - This is intended to provide general information concerning federal tax laws governing IRAs. It is not intended to provide legal advice or to be a detailed explanation of the rules or how such rules may apply to your individual circumstances. For specific information, you are encouraged to consult your tax or legal professional. IRS Publication 590, Individual Retirement Arrangements (IRAs), and the IRS’ website, www.irs.gov, may also provide helpful information.
To learn more about CDs and IRAs offered by Century Bank, stop by one of our convenient locations or call us at 601-947-7511.
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