Certificates of deposit and individual retirement accounts are great ways to maximize your earning potential. Explore our options below to get started saving to meet your goals today!
Certificates of Deposit (CD)
We offer savings in the form of Certificates of Deposit (CDs). These instruments are flexible when interest is paid along with maturities. As a CD customer, you can receive your interest by check or credit to an account at Legacy Bank or you may want to compound the interest back to your certificate. Feel free to contact or visit us if you have questions about Certificates of Deposit.
- Minimum balance to open a CD is $500
- There are many terms that you can deposit your money starting with a 7-31 day term up to 60 months
- Interest can be paid to you monthly, quarterly, semi-annually, annually or at maturity
- Deposits to the CD is not accepted until maturity
- Withdrawals of the principal of your CD is not allowed before maturity
- You may withdraw interest on crediting dates
- Early withdrawal penalties may be imposed for withdrawals before maturity
- Interest can be compounded, deposited into another account you have at Grundy National or mailed to you by check
Individual Retirement Accounts (IRA)
Legacy Bank provides you a means of saving for your retirement. We offer fixed and variable rates on Traditional, Roth and SEP IRA accounts. All IRA types receive periodic statements, interest is compounded quarterly, a $50.00 minimum opening deposit is required, and penalties for early withdrawals can be imposed if withdrawn prior to the maturity date. Plan for your future now with an IRA account.
Traditional IRA
- Age restrictions: None
- Income eligibility: No income limit restrictions on contributions. You must have earned income
- Tax deductibility: Contributions may be tax deductible
- Withdrawals: Distributions are taxable and generally subject to penalties if withdrawn before age 59 1/2
- Required Withdrawals/Distributions: Mandatory distributions at age 72
- Contributions limits: IRS guidelines define annual contributions (based on age)
- Unlimited number of current and previous year contributions accepted (total annual contributions defined by IRS guidelines)
Roth IRA
- Age restrictions: None
- Income eligibility: May contribute, if modified adjusted gross income does not exceed income limitations. You must have earned income
- Tax deductibility: Contributions are not tax deductible
- Withdrawals: Distributions are not taxable and penalty free
- Required Withdrawals/Distributions: No requirement to begin distributions at age 72
- Contributions limits: IRS guidelines define annual contributions (based on age)
- Unlimited number of current and previous year contributions accepted (total annual contributions defined by IRS guidelines)