CDs & IRAs

CDs

Certificates of Deposit (CDs)

CDs are a great way to save if you are looking for guaranteed rates, FDIC insurance, and peace of mind. We can help you manage your CD investments with the following options:

• Competitive interest rates
• Terms from 91 days
• Special rates and terms offered periodically
• Several interest payment options
• Minimum deposit of $500 required for most CD term options
• Automatically renewable

IRAs

Individual Retirement Accounts (IRAs)

Take the first step towards building a more secure future for you and your family with an IRA. Peoples State Bank of Velva offers both Traditional and Roth IRAs which are treated as a certificate of deposit. Once you have consulted your tax or legal professional for guidance, please contact us to start saving for your future.

A Traditional IRA has the following characteristics:

• Tax-deferred earnings and tax-deductible contributions
• You must have earned income equal to or greater than your contribution and you must be under age 70½
• Required minimum distributions must be taken after age 70½

A Roth IRA has the following characteristics:

• Tax-free earnings and tax-free withdrawals
• You must have earned income equal to or greater than your contribution
• Your modified adjusted gross income must fall within the limits prescribed by the IRS
• Minimum distributions are not required at a set age