Share Certificates and IRA's

Warren Buffett famously said its imperative to learn how to earn money while you sleep. With share certificate terms from 6 to 60 months you can do just that: count dollars while counting sheep.

Share Certificate Benefits:

  • Fixed rates, higher than regular savings
  • Receive higher rates by selecting a longer term
  • Provides more guarantee than risky investments
  • A wide range of terms available (from 6 months to 5 years)
  • No setup or maintenance fees
  • Early withdrawals subject to penalty1
  • $500 minimum deposit to open regular certificate
  • Jumbo certificates available starting with a $100,000 minimum deposit
  • 1-Year Super Saver Certificate available with a $50 minimum deposit

 
 










Individual Retirement Accounts (IRAs)

You know you need to save for retirement - but sometimes it's hard to get started. Talk to us about setting up the right IRA for you.

  • Competitive dividends above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,500 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase certificates within IRA
  • $25 minimum deposit to open regular IRA
  • $500 minimum deposit to open IRA certificate
View the below for more information on IRAs
 

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70 ½


Roth IRA

  • Income limits to be eligible to open Roth IRA3
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Withdrawals on interest can begin at age 59 ½
  • Early withdrawals on interest subject to penalty2
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.
Create an easier transition into college for yourself and your student by setting up a savings account early. A Coverdell Education Savings Account (ESA) provides a tax-free safe place to grow competitive dividends.

  • Set aside funds for your child's education
  • No setup or annual fee
  • Dividends grow tax-free
  • Withdrawals are tax-free and penalty-free when used for qualified education expenses1
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply2
  • Contributions are not tax deductible
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time he or she turns 303
  • The ESA may be transferred without penalty to another member of the family
  • $25 minimum deposit to open

1Qualified expenses include tuition and fees, books, supplies, board, etc.
2Consult your tax advisor to determine your contribution limit.
3Those earnings are subject to income tax and a 10% penalty.









Home Mortgage Loans

It’s deep in the heart of mankind to want their own roof and walls, and we’ve been helping Maine families make this dream a reality since 1956. We’re neighbors helping neighbors.

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