It’s never too late to start saving for the future, and there’s not one right way to do it. If you’re considering investing in an account that lets you save while watching your money grow, you’re in the right place. At Shore United Bank, we want to help you choose a plan – or combination of plans – that serves you for the long term. Both CDs and IRAs are excellent, rewarding ways to reap the benefits of your investments later, whether you’re retiring or simply preparing for major purchases down the road. Learn how a CD or IRA can work to meet your financial needs.

Certificates of Deposit (CDs) 

A certificate of deposit is a type of time deposit issued by a bank that allows you to simultaneously save money and earn money. It offers a higher interest rate than a regular savings account without the market risk of other investments; therefore, these accounts are ideal for those who wish to minimize risk and do not need instant access to funds.

You choose the term of your investment. Generally, the longer the term length, the higher the interest – so longer terms may yield the best return. Keep in mind that there are early withdrawal penalties if you withdraw funds before the end of the term. We offer a variety of flexible CDs in term lengths ranging from 30 days to 60 months.

Rates and minimum balance requirements vary by term. 

Term
Minimum To Open
Interest Rate
30 to 89 Days
$100,000
3 to 60 Months
$500
 
 
 

Don’t hesitate to contact us if you have questions about or are interested in setting up a CD.

Individual Retirement Accounts (IRAs)

Everybody wants a comfortable retirement, but it requires preparation for the future. Luckily, our retirement accounts offer individuals a place to invest in that future. With our range of IRA investment options, we want to support you – and your financial goals – through every step of your journey to retirement. Our account options include Traditional, Roth, SEP, or Education IRAs.

Traditional IRAs

With a Traditional IRA your retirement account is funded with pre-tax dollars and your earnings on investments remain tax-deferred, so it grows faster than most other types of investments. However, you will be taxed whenever you withdraw from the account.

Roth IRAs

Unlike Traditional IRAs, Roth IRAs are funded using after-tax dollars. Therefore, you can enjoy tax-free withdrawals while your earnings on the investments remain tax-deferred.

Simplified Employee Pension (SEP) IRAs

This type of IRA is set up for self-employed individuals like freelancers, independent contractors, or small-business owners. Otherwise, SEP accounts follow the same taxation rules as Traditional IRAs regarding withdrawals.

Education IRAs

As its name suggests, Education IRAs are investments used for higher education expenses, such as books and tuition. A parent or guardian can make non-deductible contributions (similar to Roth IRAs) for a child under the age of 18. These accounts are tax-advantaged, meaning you may withdraw funds without taxation when needed for educational purposes. Although they work similarly to retirement accounts, Education IRAs are not meant for retirement savings.

Rates and minimum balance requirements vary by term. 

Term
Minimum To Open
Interest Rate
30 to 89 Days
$100,000
3 to 60 Months
$500
 
 
 

Don’t hesitate to contact us if you have questions about or are interested in setting up an IRA. We encourage you to contact your tax advisor for more information on the tax implications related to the different IRA options.

Invest in Your Future With Shore United Bank

At Shore United Bank, we know that a financially secure future is top of mind for you. That’s why we’re committed to offering the best banking products and the best banking service. We are proud to offer a variety of investment and savings accounts that will help you reach your goals, and we’re pleased to assist you on your banking and business journey. Contact us today to open an account and get started!