CD & IRA Services

Certificates of Deposit
The best of all worlds, attractively priced, available in a variety of maturities and fully insured.

Flex CD
Provides you the opportunity of unlimited deposits (of $250 or more) throughout the term of the CD.

Traditional IRA
The traditional IRA is an account which allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions are tax deductible in the tax year for which they are made.

Roth IRA
The Roth IRA is a non-deductible account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since ROTH IRA contributions are non-deductible and taxed in the year they are earned, people who expect to be in a higher tax bracket when they retire may benefit more from these accounts than from a traditional IRA.

Education IRA
The education IRA (also called 529 Plan) allows you to put aside money for a childs or grandchilds education. The Tax Reform Act of 2001 has significantly increased the limits that can be contributed to this account and have liberalized the rules to include educations expenses from Kindergarten through college.

Rollovers/Transfers
A rollover/direct transfer/transfer IRA is designed to help you manage your retirement funds by allowing the movement of assets from one tax deferred retirement plan into another.

For example, if you receive a distribution from your employer's retirement plan and roll it over or directly roll it over into an IRA, you benefit in two very significant ways:

A. You avoid immediate taxation and possible penalties, and
B. Earnings on your retirement dollars grow tax deferred until withdrawn.

There are two ways to move an IRA from one financial organization to another: rollover and transfer.

A rollover takes place when the IRA funds are paid directly to you and redeposited (rolled over) into an IRA within 60 calendar days of receipt. The 60-day period begins after you receive the payment.

A rollover transaction from an IRA may not occur more than once during a 12-month period. This 12-month rule applies to each separate IRA you own and is determined from the date the IRA funds are received. The 12-month limitation does not apply if the funds are transferred directly from one financial institution to another or if they are rolled over from a qualified plan (QP) or tax-sheltered annuity (TSA) into an IRA.

A transfer occurs when the funds are moved directly from the distributing IRA into another without you having direct control or custody of the funds.

There are no time or frequency limits on the number of transfers permitted.

How Do I Find Out More?
Simply see any of our IRA representatives, or email us today. We will explain the nature of these accounts in as much detail as you need and help you complete the necessary forms to establish your traditional and/or Roth IRA. For other non-bank IRA options, contact MCB Financial Services.

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