Time and money can be a profitable combination.
With high-earning Certificates of Deposit, you choose a savings period ranging from a few months to several years and lock in a rock-solid rate. In the end, your patience is rewarded with interest income that can be used for everyday expenses, major purchases, special occasions and even retirement.
- Minimum deposit of $500 to $5,000, depending on CD term
- Choose CD terms ranging from 91 days to 5 years
- CDs feature higher earnings than most standard savings accounts
- In general, longer term CDs have the highest rates
- Choose to have your CD to renew automatically, for continuous earning power.
- Use your CD as collateral on a loan with CBBC Bank (subject to credit approval)
- Early withdrawal may mean the loss of some interest income. However, your initial deposit is never at risk
Individual Retirement Accounts
The key to a comfortable retirement lifestyle is to start saving as early as possible. By placing your Individual Retirement Account contributions in CBBC Bank CDs, you'll benefit from higher interest earnings and enjoy tax advantages.
- Choose Traditional or Roth IRAs
- Contribute up to $7,000 per year ($8,000 if you're over age 50)
- Traditional IRAs offer potential income tax deduction for every year you make a contribution
- With Roth IRAs, all qualified withdrawals are tax-free
- With both Traditional and Roth IRAs, all annual income is tax-exempt
- There are other important differences between the two types of IRAs. Consult a CBBC Bank representative or your financial advisor for more information.
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