Savings Accounts

A savings account is an easy way to save for your future!

CDB Tots to Teens Savings

• $25.00 Required to open Account
• Kids under 10 years of age choose a toy for each deposit made!
• Interest accrued daily and paid quarterly on positive balances.
• Six withdrawals are allowed per month.  Unlimited withdrawals are permitted when made in person.
• No Monthly Service Charge.
• At age 18, the account will revert to a CDB Every Day Savings account.

CDB Every Day Savings

• $50.00 Required to open Account.
• Interest accrued daily and paid quarterly on balances over $50.00
• Six withdrawals are allowed per month.  Unlimited withdrawals are permitted when made in person.
• Monthly Service Charge, $3.00 per month if average monthly balance falls below $50.00 (assessed quarterly)

CDB Health Savings

• FREE to open Account.
• Interest accrued daily and paid quarterly on positive daily balance of $100.00 and over.
• All deposits will be considered qualifying current year contributions.  All distributions will be considered normal distributions as defined by the IRS.
• Monthly Service Charge $3.00 per month.

*The interest rate and annual percentage yield may change at any time and will be determined at our discretion. Interest begins to accrue no later than the business day when the Bank receives credit for the deposit, usually the first business day after the banking day on which the deposit is received. Interest will be compounded quarterly and will be credited to the account quarterly. If the account is closed before interest is credited you will receive interest accrued to date of closing.
**We use the daily balance method to calculate the interest on the account. This method applies a periodic rate to the collected daily balance in the account for each day. This periodic rate paid is based upon the collected balance in the account. You must maintain a minimum balance of $50.00 in the account each day to obtain the disclosed annual percentage yield.

CDB IRA Savings

This account can be used for a Traditional or Roth IRA.

• $1,000.00 Required to open Account.
• Interest is paid at a fixed rate beginning at $1,000.00 balance.
• Six withdrawals are allowed per month. Unlimited withdrawals are permitted when made in person.
• Monthly Service Charge, $5.00 per month if average monthly balance falls below $1,000.00
  
  *The interest rate and annual percentage yield may change at any time and will be determined at our discretion. Interest begins to accrue no later than the business day when the
  Bank receives credit for the deposit, usually the first business day after the banking day on which the deposit is received. Interest will be compounded quarterly and will be credited to the account quarterly. If the account is closed before interest is credited you will receive interest accrued to date of closing. 

Individual Retirement Accounts

Its never to early to start planning for retirement.  IRA's can offer great tax benefits and help you build your next egg for your retirement years.  You may be able to choose from both Traditional or Roth IRAs.  Please consult your tax advisor.

Traditional IRAs*

• Contributions to a Traditional IRA may be tax-deductible, up to 100%, but distributions are generally taxable.
• Earnings grow tax deferred.
• Distributions are required to be taken by Traditional IRA holders beginning at age 70 1/2.
• Distributions are generally taxable, but are penalty-free if withdrawn under one of the following circumstances
  
  • Attaining age 59 1/2;
    
  • Incurring a disability;
  • Payment for certain health insurance, medical expense, and higher education expenses;
    
  • Payment for first-time homebuyer expenses;
    
  • Death (payments to beneficiaries); or
    
  • Being a qualified military reservist.

Roth IRAs*

• Contributions to a Roth IRA are not deductible.
• Earning can grow tax free.
• Contributions can generally be distributed tax free at any time.
• Distributions are not required by Roth IRA holders, though beneficiaries may be subject to required distributions.
• Earnings can be distributed tax free if the Roth IRA holder first made a Roth IRA contributions at least five years ago, and one of the following occurs:
  • Attaining age 59 1/2:
  • Incurring a disability;
  • Payment for first-time homebuyer expenses; or
  • Death (payments to beneficiaries).Consult your tax advisor for advise and information concerning your particular situation and your eligibility for IRAs.  Community Development Bank representatives may not give legal or tax advice. 
    

Certificates of Deposit 

A longer term savings option that provides a safe and convenient way to assist in meeting your savings goals.
We offer terms from 3 months to 60 months.
Please Call for Current Rates & Yields.

Annual Percentage Yield assumes interest will remain on deposit until maturity. Rates are subject to change. We may impose a penalty if you withdraw any portion of the principal before the maturity date. There are certain circumstances, such as death or incompetence of an owner, where we may waive or reduce this penalty. You may withdraw interest after it has been credited to your certificate without penalty.
Interest will be compounded and credited to your Three Month and Six Month Certificate at maturity. On all other Certificates, interest will be compounded and credited to your Certificate every six months. Interest begins to accrue no later than the business day when this bank receives credit for the deposit. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the Certificate principal each day.
You may not make deposits to this Certificate during a term. You may make withdrawals of principal from your Certificate subject to our approval and the early withdrawal penalties.
You must deposit at least $ 100.00 to open a Certificate.
Certificates will automatically renew at maturity for the same term as the original term beginning on the maturity date. The interest rate will be the same we offer on new Certificates on the maturity date which have the same term, minimum balance and other features as the original certificate. You may prevent renewal if we receive written notice from you or if you withdraw the funds at maturity or within 10-day grace period after maturity. You will have ten calendar days after maturity to withdraw the funds without penalty. We may also prevent renewal if we mail notice to you at least ten days prior to maturity. If either you or we prevent renewal, interest will not accrue after the final maturity.