Certificates of Deposit

 

Synergy CD’s

Synergy's Certificates of Deposit offer a higher rate of interest with an array of terms to suit your financial needs.  Contact us or come by for a visit to discuss current rates.

  • Fixed interest rate for term of CD
  • Terms range from 7 days to 5 years*
  • Flexible interest payment options – add to CD, interest checks, or transfer to another account
  • $1,000 minimum to open account


7 Day CD

A short-term Certificate of Deposit providing the flexibility of a savings account with the higher yield of a CD.

  • Interest-bearing
  • 7 day maturity with automatic reneweal feature*
  • Additional deposits of any amount may be added to the account at any time
  • Partial withdrawals are allowed*
  • $1,000 minimum to open account

Junior CD

Synergy's Special 6-month Certificate of Deposit with a lower opening balance for those beginning a savings plan.

  • Interest-bearing
  • 6 month maturity*
  • $500 minimum to open account

*Penalty for early withdrawal.

 

Individual Retirement Accounts

 

Synergy Bank IRAs help to provide financial security for retirement years or for higher education expenses while providing certain tax advantages. For Traditional, Roth, and Education IRAs, Synergy offers a wide range of terms to cater to your needs. Contact us or come by for a visit to discuss current rates.

  • Competitive yields
  • Fixed Rate Terms range from 6 months to 5 years with $1,000 minimum deposit ($500 minimum for Education IRAs)
  • Flexible interest payment options – add to CD, interest checks, or transfer to another account
  • $1,000 minimum to open account

 

What is a traditional IRA?

The original IRA (sometimes called an ordinary or regular IRA) is referred to as a “traditional IRA.” The following are two advantages of a traditional IRA:
  • You may be able to deduct some or all of your contributions to it, depending on your circumstances.
  • Generally, amounts in your IRA, including earnings and gains, are not taxed until they are distributed.

You can set up and make contributions to a traditional IRA if:

  • You (or, if you file a joint return, your spouse) received taxable compensation during the year, and
  • You were not age 70½ by the end of the year.

You can have a traditional IRA whether or not you are covered by any other retirement plan. However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer retirement plan.

If both you and your spouse have compensation and are under age 70½, each of you can set up an IRA. You cannot both participate in the same IRA. If you file a joint return, only one of you needs to have compensation.

 

What is a ROTH IRA?

A Roth IRA is an individual retirement plan that is subject to the rules that apply to a traditional IRA. It can be either an account or an annuity.

To be a Roth IRA, the account or annuity must be designated as a Roth IRA when it is set up. A deemed IRA can be a Roth IRA, but neither a SEP IRA nor a SIMPLE IRA can be designated as a Roth IRA.

Unlike a traditional IRA, you cannot deduct contributions to a Roth IRA. But, if you satisfy the requirements, qualified distributions are tax free. Contributions can be made to your Roth IRA after you reach age 70½ and you can leave amounts in your Roth IRA as long as you live.