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CDs & IRAs

Tuesday, July 26, 2016 1:40:00 PM

Certificates of Deposit & Individual Retirement Account

When looking for a secure way to build your financial future, CDs and IRAs are a smart choice.

Certificates of Deposit (CDs)

Certificates of Deposit are a great savings tool that are federally-insured and offer investment stability against fluctuations in value compared to more volatile assets, such as stocks, mutual funds, or bonds.

High Country Bank offers Certificates of Deposit ranging from 6 months to 5 years. All certificates have a $500.00 minimum balance requirement to open the account and obtain the Annual Percentage Yield.

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Individual Retirement Account (IRAs)

Choosing if a Traditional or Roth IRA is best for you is a decision that should be made only after looking at all of the options and deciding which IRA will provide the greatest benefit for your lifestyle. High Country Bank offers a variety of IRA terms to help build your future. It is always best to consult with your tax professional; the information provided is not tax advice.

	TRADITIONAL	ROTH
CONSIDER IF	You prefer your money to grow tax-deferred until you withdraw it in retirement. In some cases, contributions are tax deductible in the year they are made.	You’re interested in both tax-free growth and withdrawals. Roth IRA contributions are not tax-deductible.
WHO CAN CONTRIBUTE	Anyone under the age of 70 ½ with taxable compensation.	Any age with taxable compensation.
MAXIMUM CONTRIBUTION LIMITS	For 2022: $6,000 if under 50 $7,000 if age 50 or older	For 2022: $6,000 if under 50 $7,000 if age 50 or older
TAX ADVANTAGES	You do not pay taxes until you take a distribution.	Tax Free when you take distributions.