Start your retirement savings plan early or invest part of your funds for a specific term with high yields with MBT Bank. We offer Individual Retirement Accounts to help you prepare for retirement and Certificates of Deposit at competitive rates to help you achieve a better return on the funds you have in savings. Click here to view our interest rates.
Individual Retirement Accounts (IRAs)
IRAs are personal, tax-deferred retirement savings plans which offer tax benefits, disability protection, peace-of-mind and solutions for possible education or medical expenses. There is no minimum age to open an IRA, contributions are based on your income and you can start to withdraw funds penalty-free at the age of 59 ½!
Benefits of an IRA:
- Peace of Mind: An IRA gives you a sense of security with insurance protection up to $250,000 by the FDIC.
- Tax Benefits: Enjoy paying fewer taxes as contributions can be deducted from yearly gross income and IRAs mean tax-deferred savings. Both your IRA contribution and the interest you earn on the account are not taxed until money is withdrawn and usually tax is at a lower rate when withdrawn at retirement.
- Disability Protection: You can withdraw funds without penalty if you become permanently disabled.
- Specialized Retirement Plans: There are also unique savings opportunities for education and medical expenses.
Certificates of Deposit (CDs)
CDs are an investment that pays at a higher rate of interest for a specific term. At MBT Bank, we offer competitive interest rates and term flexibility to give you terms that work for you. Start your investment with a minimum of $2,500 today and receive a guaranteed interest rate that will remain the same for the full term of your investment. Our CDs are insured up to $250,000 by the FDIC. We have a variety of terms, conditions and rates on our CDs including a bump up option on some of our CDs and a Saver’s CD option.
To get started on one of these great personal investment opportunities, contact an MBT financial expert today!