Certificates of Deposit (CDs)
Anderson Brothers Bank’s Certificate of Deposit (CD) accounts allow you to maximize your rate of investment return with savings products that are FDIC insured. Rates of return vary by investment term and penalties apply for early withdrawal. A $500 minimum deposit is required to open any CD account.
The Interest Rates and Annual Percentage Yield will be determined by the type of CD you select, your opening deposit or renewal balance, and your overall relationship with Anderson Brothers Bank. You will be paid the rate until the maturity date of the CD. The Annual Percentage Yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings.
Anderson Brothers Bank offers competitive rates and a variety of short and long-term CDs to meet your investment needs. To find out more, visit any Anderson Brothers Bank location to speak to a Customer Service Representative. We’ll be happy to discuss current interest rates and answer any questions you may have.
- Flexible terms from 7 days to 60 months
- Competitive interest rate
- Minimum to open CD is $500
- Interest rate remains unchanged during the term of the CD
- Can be automatically renewed at maturity of CD
- Can be used as collateral for a personal loan
Early Withdrawal Policy:
The penalty of early withdrawal applicable to your CD account is based on the term of the CD. The penalty is not based upon the days left until maturity. If the CD term is one year or less the early withdrawal penalty will equal three months interest on the amount withdrawn. For a CD with a term greater than one year, the early withdrawal penalty will equal six months interest on the amount withdrawn. For withdrawals made within six days after the deposit, a penalty of seven-days’ interest will be imposed.
Investment Retirement Accounts (IRAs)
Whether you’re looking to begin saving for retirement or rolling over your current Individual Retirement Account (IRA), there has never been a better time to invest your funds locally with Anderson Brothers Bank.
Contributions are often tax-deductible (often simplified as “money is deposited before tax” or “contributions are made with pretax assets”), all transactions and earnings within the IRA have no tax impact, and withdrawals at retirement are taxed as income.
A Rollover is a traditional IRA set up by an individual to receive a distribution from a qualified retirement plan. Distributions transferred to a rollover IRA are not subject to any contribution limits.
Contributions are made with after-tax assets, all transactions within the IRA have no tax impact, and withdrawals are usually tax-free.
Established to provide funds that will allow a beneficiary to attend a program of higher education. There is no tax deduction allowed for the contribution, but all deposits and earnings may be withdrawn free of tax and penalties if used to pay for the costs of higher education.
To find out more, visit any Anderson Brothers Bank location or call 1-800-345-8081 to speak with a Customer Service Representative.
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day of your deposit. For interest checking, savings and money markets, we may change the interest rate on your account at our discretion. For CDs and IRAs, your interest rate will not change until maturity.