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Certificates of Deposit

Our Certificates of Deposit are fixed investments that are generally used to invest a specific sum for a specific period of time. You may not add money to these certificates and they are not negotiable.

Details

  • Open this account with only $500.00
  • Certificates terms can be from 7 days to 60 months
  • You can withdraw funds prior to maturity by paying an early withdrawal penalty of 3 months interest on any certificate with a term of 3 months or more.
    On certificates with terms of less than 3 months, all interest will be forfeited
  • Certificates can be owned jointly or payable on death to a beneficiary
  • Interest can be compounded, deposited to a checking or savings account, or paid by check

Benefits

  • A variety of terms of maturity are available to meet your investment needs
  • Interest can be paid at various times and by various methods
  • FDIC insurance of up to $250,000 guarantees your investment

Find a Location to Open an Account

For more information on our CD's, just contact the New Peoples Bank branch nearest you today.

CDARS

CDARS (Certificate of Deposit Account Registry Service) is used primarily to FDIC insure funds greater than $250,000 being held at one financial institution. Acting as custodian, the bank places the available funds ($10,000 minimum required) into CD's using multiple banks within a special network via Promontory's Certificate of Deposit Account Registry Service.

Benefits

  • Let NPB eliminate the time and hassle of manually consolidating interest disbursements and 1099 statements, with multiple banks. There is no need to rate shop when you can conveniently earn one competitive rate on your entire investment without lifting a finger.
  • Receive statements that list all issuing banks that your money is distributed to, along with interest earned, maturity dates and balances. So investments can been seen and read as if it was invested with NPB alone.
  • By filling out a Customer Request for Account Placement agreement, you the customer can pick the term of the CD, the interest payment frequency (if the interest is paid at the month end, quarter end, semiannual, year end, or at maturity). Also, leaving you the choice of determining the interest being credited to principal balance, by check, transfer or credited to an account.
  • Stop searching for available banks to place your investments. By choosing CDARS through NPB, you allow your money to work for the local community, while keeping your funds safe, secure and working for you.

Available Investment Terms

  • 26-Week
  • 52-week
  • 2-year
  • 3-year
  • 5-year

Penalties for early withdrawal may apply. Interest will accrue daily up to the date, but not on the maturity date. If the maturity date should fall on a non-business date, then the funds will be paid out the following business day.

**Ask a New Peoples Bank representative for specific rates

IRA Accounts

Save by opening a New Peoples Bank IRA account.

 
 

Savings Roth IRA

Our Savings Roth IRA Accounts are variable rate investments that have tax benefits authorized by Congress. These IRA's are not tax-deferred, but once you retire the distribution of earnings is tax free. You may add money to these accounts at any time.

Details

  • Open this account with only $25.00
  • Make as many current year or previous year contributions as you want up to the annual limit
  • Annual contributions are limited to $5,500.00 or $6,500.00 if age 50 or older (For tax year 2018)
  • Contributions are not tax deductible
  • Qualified distributions are not taxable
  • There is a tax on funds taken out before age 59 1/2
  • No requirement to begin distribution by age 70 1/2

Benefits

  • Tax Free distribution of earnings
  • Spouse can inherit IRA
  • Flexible payout schedule that does not have to start at 70 1/2
  • You can convert existing IRA's to Roth IRA's
  • More secure financial future

Savings Traditional IRA

Our Savings Traditional IRA Accounts are variable rate investments that have tax benefits authorized by Congress. You may add money to these accounts at any time.

Details

  • Open this account with only $25.00
  • Make as many current year or previous year contributions as you want up to the annual limit
  • Annual contributions are limited to $5,500.00 or $6,500.00 if age 50 or older (For tax year 2018)
  • Contributions may be tax deductible
  • Funds are taxable when they are distributed
  • There is a tax on funds taken out before age 59 1/2
  • Distribution must start by age 70 1/2

Benefits

  • Possible tax deduction for annual contributions
  • Spouse can inherit IRA
  • Flexible payout schedule
  • More secure financial future

CD Roth IRA

Our Roth IRA Certificate of Deposit Accounts are fixed rate and term investments that have tax benefits authorized by Congress. These IRA's are not tax-deferred, but once you retire the distribution of earning is tax free.

Details

  • Open this account with only $500.00
  • Certificate terms can be from 12 months to 60 months
  • Annual contributions are limited to $5,500.00 or $6,500.00 if age 50 or older (For tax year 2018)
  • Contributions are not tax deductible
  • Qualified distributions are not taxable
  • There is a tax on funds taken out before age 59 1/2

Benefits

  • Tax free distribution of earnings
  • Wide choice of fixed rates and terms
  • Spouse can inherit IRA
  • Flexible payout schedule that does not have to start at 70 1/2
  • You can convert existing IRA's to Roth IRA's
  • More secure financial future

CD Traditional IRA

Our Traditional IRA Certificate of Deposit Accounts are fixed rate and term investments that have tax benefits authorized by Congress. You may not add money to these certificate and they are not negotiable.

Details

  • Open this account with only $500.00
  • Certificate terms can be from 12 months to 60 months
  • Annual contributions are limited to $5,500.00 or $6,500.00 if age 50 or older (For tax year 2018)
  • Contributions may be tax deductible
  • Funds are taxable when they are distributed
  • There is a tax on funds taken out before age 59 1/2
  • Distribution must start by age 70 1/2

Benefits

  • Possible tax deduction for annual contributions
  • Wide choice of fixed rates and terms
  • Spouse can inherit IRA
  • Flexible payout schedule
  • More secure financial future

Coverdell Education Savings IRA

Our Coverdell Education Savings Accounts are fixed rate. The primary purpose of this account it to help pay for a child's education. The account is setup for a child who is younger than 18 years old (if the child has special needs, the age limit does not apply).

Details

  • Open this account with only $500.00
  • Certificate terms can be from 12 months to 60 months
  • Annual contributions are limited to $2,000.00 per child
  • Contributions are not tax deductible, but earnings grow tax free if the distributions are used for qualified education expenses

Benefits

  • Wide choice of fixed rates and terms
  • Earnings grow tax free if used for qualified education expenses
  • Child has a more secure financial future

Find a Location to Open an Account

For more information on our IRA account options just contact the NPB branch nearest you today!

Retirement Planner

Determine if your plan is on track and how to keep it there.

Retirement Planner

Cool Million

Find out when your savings plan may make you a millionaire!

Cool Million

College Savings

Develop or fine tune your education savings plan

College Savings

 

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