Certificates of Deposit to Focus Your Savings Strategy
There are times when you're looking for your money to do more for you. If you are looking to focus your savings and earn more on your balance, a certificate of deposit (CD) from First National Bank of St. Ignace is a great option. Here's what you need to know about our CDs:
- Terms ranging from 6 months to 36 months
- Minimum deposit of $1,000 for standard CDs
- Moola Moola CD available for children looking to save ($500 minimum to open)
- Liquid CDs available that allow withdrawal without penalty ($10,000 minimum to open)
- Funds are FDIC insured up to $250,000
- Multiple options available at maturity, including withdrawal or reinvestment
- Early withdrawal may be subject to penalty
Contact the FNBSI personal banking team to learn more about your CD options and to start the processing of opening an CD.
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IRA Options for Retirement Options
Are you saving for your retirement? What age will you be able to retire? How long will my retirement savings last? If you don't know the answer to these questions, it may be time to open an individual retirement account (IRA) at First National Bank of St. Ignace. We offer two IRA options for you: Traditional IRAs and Roth IRAs.
Traditional IRA
A Traditional IRA can help you build retirement savings while potentially providing valuable tax benefits today. Contributions may be tax-deductible if you qualify, and your savings grow tax-deferred until retirement. This option is often appealing for individuals who want to reduce their current taxable income while saving for the future.
Best For
- Individuals seeking potential tax deductions today
- Savers who expect to be in a lower tax bracket during retirement
- Long-term retirement planning
- Employees looking to supplement workplace retirement plans
How It Works
- Contributions may be tax-deductible if eligibility requirements are met
- Earnings grow tax-deferred until withdrawn
- Withdrawals in retirement are generally taxed as ordinary income
- Required minimum distributions generally begin later in retirement
Potential Benefits
- Possible upfront tax savings
- Tax-deferred growth potential
- Flexible contribution options
- Helps supplement other retirement savings accounts
Roth IRA
A Roth IRA allows you to save for retirement using after-tax dollars. While contributions are not tax-deductible, qualified withdrawals in retirement are generally tax-free. A Roth IRA can be an attractive option for individuals who expect their income and tax rate to increase over time and want greater tax flexibility in retirement.
Best For
- Individuals focused on tax-free retirement income
- Younger savers with a long investment horizon
- Those who expect to be in the same or a higher tax bracket in retirement
- Savers seeking greater flexibility in retirement planning
How It Works
- Contributions are made with after-tax dollars
- Earnings have the potential to grow tax-free
- Qualified withdrawals in retirement are generally tax-free
- Original account owners are not subject to required minimum distributions during their lifetime
Potential Benefits
- Tax-free qualified retirement withdrawals
- Tax-free growth potential
- No required minimum distributions for the original owner
- Greater flexibility when planning retirement income
Traditional and Roth IRA eligibility, contribution limits, and tax treatment are subject to IRS requirements. Consult a qualified tax professional regarding your individual circumstances.
Meet Our Banking Team
Angela Fraser
VP, Branch Administrator
Division: CDs/IRA
Location: Main Office
Phone: (906) 643-6800
Jessica Harrigan
Branch Manager, Customer Service Representative
Divisions: CDs/IRA, Customer Service, Online Banking, Telephone Banking
Location: Main Office
Phone: (906) 643-6800
Kathleen Rickley
Branch Manager, Customer Service Representative
Divisions: CDs/IRA, Customer Service, Online Banking, Telephone Banking
Location: Mackinac Island
Phone: (906) 847-3732
Jeremiah Mantei
Branch Manager, Customer Service Representative
Divisions: CDs/IRA, Customer Service, Online Banking
Location: Naubinway
Phone: (906) 477-6263
Stephany Overland
Customer Service Representative
Divisions: CDs/IRA, Customer Service, Telephone Banking
Location: Newberry
Phone: (906) 293-5160
Invested in Our Community.
At First National Bank of St. Ignace, we're invested in the success of our community. From everyday banking to financing life's big moments, we're here with the personalized service and support you deserve. Contact us today to get started.
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