CERTIFICATE OF DEPOSIT ACCOUNTS (CDs) & INDIVIDUAL RETIREMENT ACCOUNTS (IRAs)

Empire State Bank Certificate of Deposit and IRA accounts are a safe and secure way to earn a higher return on your investment. Highly competitive interest rates/annual percentage yields make Empire State Bank Certificate of Deposit and IRA accounts a wise investment.

Certificate of Deposit Accounts

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  • Maturities range from 3 months to 5 years
  • Minimum balance to open an account is $1,000
  • Interest is compounded daily and credited monthly
  • Interest can be credited to the CD account, transferred to a statement savings, checking account or mailed.
  • A penalty may be imposed for withdrawals before maturity

Individual Retirement Accounts

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Traditional IRA
 A traditional IRA is a deductible personal savings plan that can be used to build a substantial retirement fund with deferred taxes on both principal and accrued interest.
IRA contributions may drop your taxable income into a lower tax bracket, reducing your taxes even more. Only earned income is eligible for an IRA.

ROTH IRA
The Roth IRA is a nondeductible IRA that offers tax-free distributions. Tax-free earnings allow you to grow your savings at a faster pace than taxable investments. But, the best part about this investment product is that it offers tax-free distributions for qualified reasons. That means the money you withdraw doesn’t have to be included at tax time.

  • Maturities range from 3 months to 5 years
  • Minimum balance to open an IRA certificate  is $1,000
  • Interest is compounded daily and credited monthly
  • Penalty may be imposed for withdrawals before maturity

 

For more information about IRA products, contact one of our branches.