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PERSONAL CDs & IRAs

Certificates of Deposit

We offer flexible maturities from 3 to 60 months at competitive rates. Opening minimum balance of $1,000.

 

Individual Retirement Accounts

IRAs are a smart way to prepare for retirement, and recent changes in tax law have expanded their value for many people.  We offer several types of accounts to meet your goals and needs.  Bank of Fairfield has IRA specialists who can provide you with information about the IRA choices available to you.

Traditional IRA

Tax deferred retirement account on up to $5,000 per year on qualifying contributions at competitive rates.  A traditional IRA can help you save on taxes now and build greater retirement income for the future.

 

Roth IRA

Many employed households are eligible for the Roth IRA.  Although your contributions are not tax-deductible, your earnings can grow tax-deferred and qualified withdrawals after a five-year holding period may not be subject to federal income tax.  A Roth IRA can help you build greater retirement income for the future.

 

SEP IRA Accounts

If you are self-employed, you may need a flexible account designed just for you to prepare for retirement. Our SEP IRA provides you with competitive tax deferred rates and flexibility as you prepare for retirement.

 

Coverdell Education Savings Account

The Education IRA allows contributions to be made up to $2,000 per year, per child, into an IRA.  Contributions are not tax-deductible, but earnings may be withdrawn to pay for qualified education expenses of the account beneficiary.

 

Rollover

An IRA rollover may be a good choice for people who are changing job or retiring and want to keep their retirement plan payout growing untouched by taxes.  By making a qualified rollover from your employer-sponsored plan, you avoid withholding taxes and penalties on the distribution, so more of your money keeps compounding tax-deferred. 

 

Consult your tax advisor to determine deductibility and other issues related to your tax situation.

 

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