Certificate of Deposits - New Account Requirements
All CD's require an opening deposit of $1,000.00. You can vary maturities to meet your needs.
Interest is compounded daily on terms of one year or more. Simple interest is paid on terms less than one year.
- Terms available from 90 days to 5 years
- Interest may be paid monthly, quarterly, semi-annually, annually or at maturity
- Interest may be added back, sent by check, or directly deposit into existing accounts
- Automatically renewable option
- Notices sent to advise of renewal date, maturity date and new rate
Early withdrawal penalties may be imposed for withdrawals before maturity.
- 1 year and less - one month's interest
- Greater than 1 year - three months interest
Individual Retirement Accounts (IRA)
Looking for ways to save for your retirement years and possibly lower your taxes? Consider our Traditional, Roth, and Simplified -Employee Pension (SEP) IRA's
- No penalty to roll over and transfer your qualified retirement plan
- Funds deposited into Crescent Bank CD's with a fixed rate of return
- FDIC insured up to $100,000.00
- Annual contributions for 2005 is $4,000 for those under 50 (not to exceed 100% of earned income)
- Annual contributions for 2005 is $4,500 for those over 50 (not to exceed 100% of earned income)
Coverdell Education Savings Account (also referred to as Educational IRA)
You can never start too early in planning ahead for a child's higher education needs.
- Contributions and their earnings are tax-free when withdrawn to pay for qualified education expenses
- Allows $2,000 maximum contribution per year (as long as contributor's income is below specified levels)
- More than one person may contribute to the plan
- Unused funds may be transferred to a family member
