When does a CD or IRA make sense?
These options are designed for different types of planning - but both start with the same idea:
being intentional with your money.
You might consider them if you:
- Have funds you don’t need immediate access to
- Want more stability than a variable-rate account
- Are planning for a future purchase or milestone
- Are looking for tax-advantaged ways to save for retirement
Certificates of Deposit (CDs)
A steady, predictable way to grow your savings
CDs allow you to earn a fixed rate over a set period of time - so you know exactly what to expect.
What to know:
- Fixed terms ranging from short- to long-term options
- Competitive rates based on term and balance
- Higher rates may be available for larger balances
- Funds remain on deposit for the selected term.
A good fit for money you won't need right away but still want to grow.
Looking for current CD rates?
Talk with one of our bankers to learn about available CD options and special opportunities that may fit your savings goals.
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Individual Retirement Accounts (IRAs)
Save for retirement with potential tax advantages
IRAs help you save for retirement while offering potential tax benefits.
Common options include:
- Traditional IRA
Contributions may be tax-deductible, with tax-deferred growth
- Roth IRA
Contributions are made after tax, with potential for tax-free withdrawals
- SEP & SIMPLE IRAs
Designed for self-employed individuals and small businesses
- Coverdell Education Savings Account (ESA)
Used to help save for qualified education expenses.
The right option depends on your goals, timeline, and tax situation
CDs and IRAs - working together
An IRA is a type of retirement account that can hold different savings options, including Certificates of Deposit (CDs) and IRA savings accounts. The right choice depends on your retirement goals, time horizon, and need for access to your funds.
Finding the right fit
Rates matter - but they’re only part of the decision.
We take the time to understand:
- How long you plan to set funds aside
- What you may need access to along the way
- Which IRA savings option best fits your financial goals
Because the right retirement savings strategy should make sense for you—not just on paper, but in real life.