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)
You choose the term of your investment. 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. Contact your local branch for rate information.
Select rates and terms are highlighted in the table below:
| CD Specials/Term | Minimum To Open & Earn APY | Interest Rate | APY |
|---|---|---|---|
| *3-5 Month | $500 | 3.92% | 4.00% |
| **15 Month No Penalty for One Withdrawal |
$500 | 3.78% | 3.85% |
| *24-35 Month | $500 | 3.20% | 3.25% |
* Rates effective as of 04/14/25, rates subject to change at any time. This is a fixed rate. Fees could reduce the earnings on the account. Any withdrawal(s) from the account during the term will be subject to a penalty of 90 days of interest.
**Rates effective as of 04/14/25, rates subject to change at any time. This is a fixed rate. The interest rate on a 15 month CD is 3.78% with an annual percentage yield (APY) of 3.85%. Fees could reduce the earning on the account. A penalty-free withdrawal once during the 15-month term, after the first seven days. Any subsequent withdrawals from the account during the term will be subject to a penalty of 90 days interest.
| Term | Minimum To Open | Interest Rate |
|---|---|---|
| 30 to 89 Days | $100,000 | Contact your local branch |
| 3 to 60 Months | $500 | Contact your local branch |
A certificate of deposit is a type of time deposit issued by a bank that allows you to save and earn money at the same time. 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.
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. Get started below!
CONTACT US
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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.
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. Get started below!
CONTACT US
CONTACT US
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 | Call your local branch |
| 3 to 60 Months | $500 | Call your local branch |
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.
Shore United Bank is a full-service financial institution serving customers in Maryland, Delaware, and Virginia.
