Certificate of Deposit (CD): 
Current Rates & Terms 
 
 
Pine Island Bank has CDs with terms of: 
3 month, 6 month, 12 month, 24 month, 36 month, 48 month, 60 month  
AND 
Three additional specialized CDs: 
 
24 Month STEP-UP Certificate of Deposit: 
Sometimes customers buy a CD for a certain length of time only to find out that within a few months the interest rates have increased. Unfortunately, their CD rate doesn't change until it matures. Our 24-month Step-Up CD is designed to help you out when rates are on the increase. It gives you the opportunity to increase your rate one time during the term of the CD. You can also make a deposit to your CD when you increase your rate. Once you increase your rate, you will earn the new higher rate of interest on all of the money in your CD until it matures.  
 
ACCOUNT FEATURES:  
  • $2500 minimum deposit to open the account
  • You may make one deposit during the term of no more than the original investment amount or the value of the certificate of deposit on the renewal date.
  • You may request a rate exchange without depositing additional funds.
  • Automatically renewable
  • Interest compounds quarterly
  • Early withdrawal penalty
  • Fees could reduce earnings
  •  
    TRIPLE PLAY Certificate of Deposit: 
    During the 36-Month term, you may make up to 3 deposits in increments of at least $2500 and still continue to earn the initial interest rate. This a real benefit if you have additional funds to invest during a time of decreasing interest rates or want to combine several CDs that mature at different times. 
     
    ACCOUNT FEATURES:  
  • $2500.00 minimum deposit to open the CD
  • Automatically renewable
  • Interest compounds quarterly
  • No more than three deposits each term, one per year, of at least $2500 each.  The maximum amount of the three deposits combined cannot be more than the original investment amount or the value of the certificate of deposit on the renewal date.
  • Early withdrawal penalty
  • Fees could reduce earnings
  •  
    YOUNG SAVERS Certificate of Deposit:    
    Uniform Transfer to Minors Act (UTMA) allows an adult to give money to a minor without having a complicated trust agreement. These funds can be deposited into our Young Savers Certificate under the child's name and social security number.  
     
    Open a Young Savers Certificate for as little as $300.00 with the option of making one or two deposits of at least $150.00 within a 12 month period!  
     
     
     
     
     
    IRAs: (INDIVIDUAL RETIREMENT ARRANGEMENT) 
    Pine Island Bank has two IRA options; the Traditional IRA, and the Roth IRA. 
     
    TRADITIONAL IRA: 
    The Traditional IRA is an account that allows you to defer taxes on the earnings on your contributions until they are withdrawn. Also, certain contributions are tax deductible in the tax year for which they are made.  
     
    Roth IRA: 
    The Roth IRA allows only nondeductible contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period.  Since Roth IRA contributions are nondeductible 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 a Roth than from a Traditional IRA. 
     
    With Pine Island Bank's IRAs, your retirement funds are safe and insured up to $250,000 by the FDIC!  
     
     
    Please log on to the Internal Revenue Service (IRS) website for the most recently updated contribution limits. 
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