Certificate of Deposit

A Certificate of Deposit (CD) is a safe, flexible account. The return will be your original deposit, plus interest earned. Interest paid depends on the fixed rate of your deposit and term length. Here are some of the details and it’s easy to get started.

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Earn Interest

Interest paid depends on the rate and length of time you leave your money on deposit. The longer the term, the higher the rate.

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Fixed Rates

Save for short- or long-term goals with a competitive and fixed interest rate through a Chesapeake Bank CD.

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Several Term Options

With terms ranging from 30 days to 5 years, you can decide the length of time that’s best for meeting your current financial goals.

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Choose the CD term that's right for you – from 30 days to 5 years. CDs offer a fixed interest rate and may be used to supplement other retirement or savings accounts.

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Individual Retirement Accounts (IRAs)

Why should you have an IRA?

The tax advantages of having an Individual Retirement Account (IRA) are too great to pass up. If you’ve been waiting to set up an account, now’s the time. Opening an IRA provides you with one of the best opportunities to invest in your future. Plus, with Chesapeake Bank, we make opening an IRA easy.

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Tax Advantages

Contributions may be tax-deductible depending on your income. And certain accounts, like a Roth IRA, are funded with after-tax dollars so that distributions in retirement may be tax-free.

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Simple Contributions

Whether you’re just starting out or closing in on retirement, take advantage of every opportunity for tax-deferred savings through an IRA and make regular contributions to achieve your goals.

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Rollover Options

Have retirement assets with a previous employer? A Rollover IRA provides an easy way to consolidate all your retirement assets into a single account while retaining their tax-deferred status

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Traditional IRA

Anyone who earns a salary, wage or commission can open a traditional IRA. Contributions may be fully or partially tax-deductible if certain IRS rules and income limitations are met. The IRS also sets limits on annual contributions.

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Roth IRA

Qualifying taxpayers can benefit from tax savings with a Roth IRA. While contributions are not tax deductible, funds can be withdrawn tax-free after an initial five-year holding period if you’re age 59 1/2 or older.

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IRA Rollover

When you make a job change, you have the opportunity to “roll” your funds out of your previous employer’s qualified retirement plan into an IRA. This tax-free transfer is an opportunity to simplify your financial life by combining retirement accounts. It also can give you greater control over your investments. Special rules and limitations apply.

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It's never too soon to start saving for a comfortable retirement with an IRA.

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Plan to provide for your golden years.

Whether you are transitioning into retirement or getting a head start, check out these articles to help you along the way.

Knowledge for retirement

Important information for CDs and IRAs:

  • There may be a penalty for early withdrawal
  • Account will automatically renew within 10 calendar days of maturity
  • Each automatic renewal term will be set to the current market value.
  • Contact your local Chesapeake Bank for more information or questions