CDs & IRAs

We’re with you from rainy day to retirement.

 

Certificates of Deposit (CDs)

TC Federal Bank Certificates of Deposits (CDs) are designed to fit your financial goals and lifestyle.

  • Fixed rates compounded daily
  • Terms ranging from 6 to 48 months
  • Rates guaranteed for the length of your term
  • Account holders can receive monthly or quarterly interest

Individual Retirement Accounts (IRAs)

We offer Traditional IRA Accounts and Roth IRA accounts that are invested in CD accounts for maximum security.

What is a Traditional IRA?

An Individual Retirement Account is an account that accepts deductible and non-deductible contributions for retirement savings. The account is tax deferred until distribution of principal or interest. At age 59½, IRS penalty free distributions may be made and required minimum distributions must begin at age 70½.

Who is eligible to have an IRA?

Anyone under age 70 ½ for the entire tax year who has compensation, even while participating in any type of qualified retirement plan is eligible to have an IRA. However, if you or your spouse are covered by an employer retirement plan, you may not be able to deduct all of your contribution.

When can I contribute to an IRA?

An IRA may be opened for the taxable year and funded any time between January 1 and the date your tax return is due for the year, excluding extensions.

What is a Roth IRA?

A Roth IRA is an account that accepts non-deductible contributions for retirement savings that features tax-free withdrawals for certain distribution reasons after a five-year holding period and age 59½ years of age.

Who is eligible to have a Roth IRA?

You must have earned income (or your spouse must have earned income) and your modified adjusted gross income (MAGI) cannot exceed certain limits.

For more information on the guidelines for retirement accounts, please visit www.irs.gov.