CDs & IRAs
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.
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.
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TRADITIONAL |
ROTH |
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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. |
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WHO CAN CONTRIBUTE |
Anyone under the age of 70 ½ with taxable compensation. |
Any age with taxable compensation. |
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MAXIMUM CONTRIBUTION LIMITS |
For 2023: $6,500 if under 50 $7,500 if age 50 or older |
For 2023: $6,500 if under 50 $7,500 if age 50 or older |
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TAX ADVANTAGES |
You do not pay taxes until you take a distribution. |
Tax Free when you take distributions. |