Certificate of Deposit (CD) $100 minimum to openTerms ranging from 91 days to 48 monthsAutomatic renewals / 10-day grace period Penalty may apply for early withdrawal Interest varies by term (current rates)FDIC Insured
Individual Retirement Accounts (IRA)
Traditional IRA: Tax-deductible contributions (subject to eligibility) grow tax-deferred since earnings are not taxed until they are withdrawn.
Roth IRA: Contributions to a Roth IRA are made with after tax dollars so withdrawals will generally be tax free (subject to certain requirements).
Rollover IRA: When you leave a job for any reason, a Rollover IRA will maintain the tax-deferred status of your retirement savings to avoid penalties and tax consequences.
Call or come in to visit with a Farmers Bank Personal Banker to discuss IRA options, or contact us through a secure email. Please consult with your tax/legal advisor for advice on any tax/legal issues.