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American Bank & Trust

Invest

When you want your money to earn more.

Certificates of Deposit (CD)

For those times you need a place to put your hard-earned money where it is safe and will earn more interest than it would in a typical savings account, we offer CDs and IRA CDs.

Product Features

Earn more interest on the money you don’t need to access every day.

FDIC insured
$500 minimum deposit for a CD, $250 for an IRA CD
Interest compounds semi-annually
Multiple term options (Typically, the longer the term the higher the interest rate.)
Bonus interest rates available with Relationship Packaging
No monthly fees
Free Online and Mobile Banking
Automatically renewable

VIEW INTEREST RATES

Withdrawals from a Certificate of Deposit prior to maturity or prior to any notice period may be restricted and may be subject to penalty.

Understanding IRA CDs

In an IRA CD, the IRA funds are invested in a CD, as opposed to being invested in stocks or bonds. Like with any IRA, the advantage is that you do not pay tax on your money as it grows. Depending on whether you have a Traditional IRA or a Roth IRA, you will either pay taxes before you contribute your money or after you withdraw the money from the account.

Traditional IRA vs Roth IRA

Features	Traditional IRA	Roth IRA
Best for …	Typically, best if you expect to be in the same or lower tax bracket when he or she starts taking withdrawals.	Generally best if you expect to be in a higher tax bracket when you start withdrawing funds.
Tax Implications	Allows you to receive a tax deduction upfront if certain conditions are met. Earnings grow tax deferred.	Pay taxes upfront so withdrawals are tax-free when certain conditions are met.
Annual Contribution Limits	$6,500, additional ($7,500 if you’re age 50 and older)	$6,500, ($7,500 if you’re age 50 and older)
Income Eligibility	Anyone with earned income.	Those with earned income below a certain level.
Minimum Distribution	Mandatory distribution requirements at age 72.	No minimum distribution required at age 72.

Traditional IRA
Best for … Typically, best if you expect to be in the same or lower tax bracket when he or she starts taking withdrawals.
Tax Implications Allows you to receive a tax deduction upfront if certain conditions are met. Earnings grow tax deferred.
Annual Contribution Limits $6,000, additional ($7,000 if you’re age 50 and older)
Income Eligibility Those with earned income below a certain level.
Minimum Distribution Mandatory distribution requirements at age 72.

Traditional IRA

Best for …

Typically, best if you expect to be in the same or lower tax bracket when he or she starts taking withdrawals.

Tax Implications

Allows you to receive a tax deduction upfront if certain conditions are met. Earnings grow tax deferred.

Annual Contribution Limits

$6,000, additional ($7,000 if you’re age 50 and older)

Income Eligibility

Those with earned income below a certain level.

Minimum Distribution

Mandatory distribution requirements at age 72.

Roth IRA
Best for … Generally best if you expect to be in a higher tax bracket when you start withdrawing funds.
Tax Implications Pay taxes upfront so withdrawals are tax-free when certain conditions are met.
Annual Contribution Limits $6,000, ($7,000 if you’re age 50 and older)
Income Eligibility Anyone with earned income.
Minimum Distribution Mandatory distribution requirements at age 72.

Roth IRA

Best for …

Generally best if you expect to be in a higher tax bracket when you start withdrawing funds.

Tax Implications

Pay taxes upfront so withdrawals are tax-free when certain conditions are met.

Annual Contribution Limits

$6,000, ($7,000 if you’re age 50 and older)

Income Eligibility

Anyone with earned income.

Minimum Distribution

Mandatory distribution requirements at age 72.

Always consult a financial advisor regarding deductibility. Normally, withdrawals prior to age 59 1/2 are subject to an IRS penalty.