Our Investment Options
Certificate of Deposit (CD)
Our Certificates of Deposit offer guaranteed yields, flexibility, and the safety of FDIC insurance. That’s because you lock in a yield that’s guaranteed from the day you open the account until the day it matures. You know exactly what return you’ll get and when you’ll get it.
Your investment is safe because Perennial Bank CD’s are backed by the Federal Deposit Insurance Corporation for up to $250,000 per individual – making them as safe as any investment in the world.
We offer Certificates of Deposit in a broad range of maturities, each designed with a particular goal in mind. And, for as little as $1000, you can open your own CD.
Traditional IRA
You might be able to save on your present taxes with a Traditional IRA, by deducting your qualified contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether you’re an active participant in an employer sponsored plan as defined by the Internal Revenue Service. You may want to consult your tax advisor to review the tax deductible status of an IRA.
Roth IRA
Roth IRA’s work a little differently, contributions are not tax free, but qualified distributions are. So when it comes time to withdraw for retirement, you can do so without having to pay taxes on your distributions.
Rollovers
If you’re changing employers, an IRA rollover makes sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover.
You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well. For more information about IRA Rollovers or opening a new IRA just give us a call at (320) 693-2826.
You can also find more specific information about IRA’s, such as contribution and deduction limits, on the IRS website