INDIVIDUAL RETIREMENT ACCOUNTS (IRA)
Prepare for retirement and gain tax advantages while saving with Cornerstone. Anyone who is under age 70 ½ and has earned income can contribute to a traditional IRA. Contributions may be tax deductible (consult your tax advisor for further details), and taxes on earnings are deferred until you withdraw funds from the account, thus giving your investments the opportunity to compound faster. Cornerstone offers the following types of IRA accounts:
- Traditional IRA
- Roth IRA
- Rollover IRA
- Simplified Employee Pension (SEP) IRA
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For fixed rate IRA instruments, refer to the chart listed under Certificates of Deposit.
Traditional, Roth, SEP, Educational & Rollovers
SIMPLIFY YOUR BANKING!WE OFFER COMBINED STATEMENTS.
CERTIFICATES OF DEPOSIT (CD)
Certificates of Deposit (CDs) are an excellent tool for managing your money when you are able to set aside funds for a period of time. With a CD, you maximize your interest rate and enjoy the security of FDIC Insurance (see our FDIC web site link for further information and detail). Cornerstone offers CDs for various terms, some with a minimum investment of just $1,000.
The benefits of CD investments are as follows:
- CDs pay higher interest rates than many other savings products.
- Continuous compounding of interest means that interest earned today earns interest tomorrow.
- Monthly CD interest payments can be made to the CD, or your checking account, or mailed to you via check.
- A CD can be used as collateral for a Cornerstone Bank loan.
- $100,000.00 and above
- $10,000.00 - $99,999.99
- $0.00 - $9,999.99
Fixed Term Investments
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The computation and payment of interest on Certificates of Deposits is based on specific terms and conditions of each certificate. You have several choices of interest payment frequency and method: monthly, quarterly, semi-annually or at maturity. The methods include payment by check, credit to another account or added to the certificate.
Substantial penalty for early withdrawal:
- Original maturity of less than one year - forfeiture of 90 days of interest
- Original maturity of one year or more - forfeiture of 180 days of interest
