Piggy Banks

Personal Certificates of Deposit & IRAs

Certificates of Deposit (CDs)

A CD from Bank of Lancaster combines capital preservation with income. CDs earn a fixed rate of interest until they mature. Generally, the longer the maturity, the higher the yield.

  • Minimum opening deposit $1,000
  • No set-up or custodial fees
  • No service charges
  • Convenient automatic renewal at maturity
  • Withdrawals before maturity may be subject to penalty
    (3 to 6 months interest on the amount withdrawn)

Your Certificate of Deposit also includes valuable safety and convenience features such as:

  • FDIC Insured
  • Benefit from a fixed interest rate for 31 days to 5 years.
  • Earned interest can be reinvested in your certificate or deposited to another account.

Individual Retirement Accounts (IRAs)

Because earnings on all IRAs are either tax-deferred or tax-free, an IRA could be an important part of your financial plan. Choose either a fixed or variable rate IRA, whichever meets your retirement needs.

Fixed-rate IRAs earn a set rate of interest until maturity

  • Minimum opening deposit $1,000
  • Benefit from a fixed interest rate for 12 to 60 months
  • Conveniently renews automatically at maturity
  • Transfers and IRS qualified withdrawals at maturity are penalty-free*

Variable-rate IRAs earn market interest rates

  • Minimum opening deposit $50
  • Additional deposits accepted any time
  • Interest rate changes quarterly based on previous quarter's US Treasury Bill rates
  • Transfers and IRS qualified withdrawals can be made anytime*

*Early withdrawals from some IRAs may be subject to IRS penalty. If you are age 70 1/2 or older, you may be subject to minimum distributions from your IRA. Withdrawals from fixed-rate Bank of Lancaster IRAs before maturity may also be subject to a penalty (3 to 6 months interest on the amount withdrawn).

There's an IRA for Almost Everyone

  • Traditional
  • Roth
  • Spousal
  • Education

We'll help you distinguish between IRAs and understand how to qualify for tax-saving treatment on contributions, earnings and withdrawals.

Your IRA also includes valuable safety and convenience features such as:

  • FDIC insured separately from your other Bank of Lancaster accounts
  • High earnings
  • No set-up or custodial fees
  • Relief from IRS record keeping