Whether you want to save for a specific period of time, have immediate access your funds or make your plans for retirement, we can help you choose the account that fits your investment needs.
CDs, Money Markets & IRAs
Certificates of Deposit (CDs), Money Market Accounts and Individual Retirement Accounts (IRAs)
Certificates of Deposit (CDs)
There are different term periods available to give you options, and with an FDIC-insured CD, the longer you save the more you can earn. If you don’t need quick access to your funds, a CD is a good choice.
- There is no monthly service charge.
- You have a guaranteed interest rate for the term of the CD.
- The minimum opening balance varies by product. Please refer to the rates page.
- Interest will be credited to your account every month.
- You may not make any deposits into your account before maturity.
- You may make withdrawals of principal from your account before maturity. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty, unless you are taking a distribution from an IRA.
- You can only withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest anytime during the term of crediting after it is credited to your account.
- CDs automatically renew at maturity.
- You will have ten calendar days after maturity to withdraw the funds without a penalty
Money Market Deposit Accounts
Money Market Accounts give you flexibility and easy access to your funds.
- Minimum deposit to open is $1,000
- No monthly service charge with average daily balance of $1,000.
- You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.
- Access your funds through our debit card and 24-hour telephone banking line (800-455-6668)
Individual Retirement Accounts (IRAs)
Enjoy tax-advantaged retirement savings.
We offer both Traditional and ROTH IRAs to help you save for retirement. Speak with your tax advisor about your plans and the benefits of having an IRA to save more in conjunction with your 401(k).
- No monthly or annual service charge
- No penalty for early withdrawal over 59-1/2 years of age
- FDIC insured up to $250,000
- Funds may be added at anytime
(Certificate of Deposit Account Registry Service)
Insurance for Larger Investments
FDIC insurance covers deposits up to $250,000. Our CDARS product provides insurance on greater sums. CDARS include accounts confidentially invested with other banks in our network, but all under the Litchfield Bancorp – A Division of Northwest Community Bank umbrella, keeping investments protected and administrative requirements simple.
- Competitive CD level rates
- Available for individuals and organizations
- Simplify tax and administrative record keeping
* CDARS is a registered service mark of Promontory Interfinancial Network, LLC.