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Certificates of Deposit & IRAs

CDs & IRAs

If you are a business or individual with savings set aside for future use and are able to invest for a fixed period of time without access to funds. You worked hard for your money, isn’t time it works hard for you by earning a great interest rate? Give us a call. Or drop by. Ulises Alonso, our CFO would love to help you decide what’s next.

Or

If you’re an individual that needs a retirement savings solution and have dreams. Big dreams. Stop by Floridian Community Bank and let us help you decide which IRA paln best fits your needs, Traditional IRAs, ROTH IRAs, IRA Transfers & Rollovers, Distributions, and Educational IRAs.

Certificate of Deposit (CD)

• Competitive, guaranteed rates for term of deposit
• $1,000 minimum deposit to open account and earn disclosed annual percentage yield
• Annual percentage yield assumes interest will remain on deposit until maturity
• Interest begins to accrue on the business day the deposit is made
• Automatically renewable for your convenience with 10 day grace period
• Available in terms from 6 months to 5 years
• Interest can compound back into CD or by direct deposit to your Floridian Community Bank checking or savings account
• FDIC insured - FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December, 30, 2013.

Individual Retirement Account (IRA)

• Competitive, guaranteed rates for term of deposit
• $1,000 minimum deposit to open account and earn disclosed annual percentage yield
• Annual percentage yield assumes interest will remain on deposit until maturity
• Interest begins to accrue on the business day the deposit is made
• Automatically renewable for your convenience with 10 day grace period
• Available in terms from 6 months to 5 years
• Interest will compound back into IRA
• FDIC insured up to $250,000 separately from your other deposits

Traditional IRAs

Over 40% of retired Americans say they didn’t save enough for retirement. The traditional IRA is an account that allows you to defer taxes on your earning until they are withdrawn. Also, certain contributions are deductible in the tax year for which they are made and in withdrawals can be made before age 59½ for the first-time purchase of a home or for higher education for children.

ROTH IRAs

The Roth IRA was first made available on January 1, 1998. The ROTH IRA is an account that features generally tax-free withdrawals for certain distribution reasons after a five-year holding period. Since ROTH IRA contributions are non-deductible and taxed in the year they are earned, some people benefit more from these accounts than from a traditional IRA.

Education Savings Accounts

In July 2001, President Bush signed legislation that formally renamed the Education IRA the Coverdell Education Savings Account (CESA). This is named after the late Senator Paul Coverdell, who championed the creation of the Education IRA.

The CESA is a tax-favored savings tool created to assist in saving for an individual’s education expenses. Distributions for qualified education expenses are not subject to federal income tax or a 10 percent penalty tax.

IRA Transfers and Rollovers

It’s easy to move your IRA to Floridian Community Bank. Whether a Roth or Traditional IRA, you can move existing IRA money as follows:

• Transfers -- you can come into our office, establish an IRA account with us, and complete a transfer form. This form is then sent to the institution that currently holds your funds. After receipt, the funds are sent directly to us for deposit into your account. The IRS places no limits on transfers and no part of this transaction is reported to the IRS.
• Rollovers -- To complete a rollover, you take the funds from one institution and deposit into another institution. A rollover may be done once per year and the deposit must be completed within 60 days of distribution from the first institution. A rollover is also used when moving funds from a qualified pension plan to a Traditional IRA.

Distributions

When you withdraw money from a retirement account, it is called a distribution. Distributions from a Traditional IRA are reported to the IRS as income and as such, may be subject to income tax. There may also be IRS imposed penalties except under special circumstances such as death, first time home purchase, disability, education and reaching age 59 ½.
Distributions from a Roth IRA have more complex tax implications. You should speak with your tax advisor, accountant or attorney before proceeding with this type of transaction.

Required Minimum Distributions (RMD)
The IRS requires that, beginning in the year you become 70 ½ years of age, you begin taking a “Required Minimum Distribution” from your Traditional IRA each year. This amount will vary based upon governmental tables. Our representatives will be happy to assist in calculating your RMD if requested. You should speak with your tax advisor, accountant or attorney before proceeding with this type of transaction.