Certificates of Deposit
Minimum deposit of $2,000. Highly competitive rates. Terms available for 7 days, 90 days, 6 months, 1 year, 3 years, 5 years... plus other flexible terms.

At Bank of Elmwood, we feel retirement should be an important concern regardless of your age. An Individual Retirement Account (IRA) is a special savings plan authorized by the Federal Government to help you accumulate funds for your retirement.

Traditional IRA
Roth IRA
Coverdell Education IRA

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Anyone who meets the eligibility criteria, is younger than age 70 ½, and receives compensation, can establish an IRA. Investment income and inheritances do not qualify as "income". Contributions cannot be made after you reach the age of 70 ½ . Interest earned on IRA contributions may be tax deferred until withdrawn. Each year you are eligible to contribute in the following amounts:

Individual taxpayer - $4,000
Spousal contribution - $4,000
Catch-up contribution - $1,000 - individuals reaching age 50 before the close of a taxable year can make catch-up contributions.

Withdrawals are permitted any time after age 59 ½ and are mandatory by April 1st in the year that the depositor reaches age 70 ½.

We have several IRA plans with competitive interest rates that will help you reach your retirement goals.

Statement Savings IRA
12 Month Certificate of Deposit
36 Month Certificate of Deposit
60 Month Certificate of Deposit

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The Roth IRA is a non-deductible account that features tax-free withdrawals for certain distribution reasons after a five-year holding period.

Basically, there are two requirements for eligibility to contribute to a Roth IRA: you must have earned income (or your spouse must have earned income), and your modified adjusted gross income (MAGI) cannot exceed certain limits

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The Coverdell IRA is a non-deductible account that features tax-free withdrawals for a very specific purpose - a child's higher education expenses.

At first glance, the Coverdell IRA looks similar to Traditional and Roth IRAs. After all, higher education distributions are permitted from these accounts as well. The crucial difference is that while qualified higher education distributions from a traditional or Roth IRA are penalty free, the same distributions from a Coverdell IRA are penalty free and tax-free.

See any of our IRA representatives. We will explain the nature of these accounts in more detail and help you complete the simple forms necessary to establish your IRA.

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