Certificates of Deposit (CDs) & Individual Retirement Accounts (IRAs)
Earn greater interest than you would on a savings account with our Certificates of Deposit (CDs). Or start saving for retirement with an Individual Retirement Accounts (IRAs).
We offer what other banks offer but with a very big difference. We provide local, friendly, professional service on a one-on-one basis for all of your banking needs.
Certificates of Deposit (CDs)
Earn greater interest than you would on a savings account with a Summit Community Bank Certificate of Deposit. You decide on the amount of money to put in your certificate and the term. Certificates of Deposit (CDs) are similar to savings accounts in that they are insured, and thus, virtually risk-free.
They are different from savings accounts in that the CD has a specific, fixed rate and term. It is intended that the CD be held until maturity, at which time the money may be withdrawn together with the accrued interest. In exchange for keeping the money on deposit for a fixed term, you receive a higher interest rate than you would if the money was in a savings account. The longer the term, the higher the interest rate.
You can start earning interest on as little as $1,000
The maturity is flexible and ranges from 91 days to four years
Competitive interest rates are based on current market conditions
Safe and virtually risk-free because they are insured by the FDIC
There is a penalty for early withdrawal
Individual Retirement Accounts (IRAs)
It's never too early to save for retirement, and an IRA is a great way to start. An IRA is a personal savings plan which allows you to set aside money for retirement, while offering you tax advantages. All retirement funds are FDIC insured up to $250,000.
Anyone who has earned income and does not exceed the maximum income limit is eligible and may contribute to a ROTH IRA. Consult with your investment or tax advisor to discuss the current contribution limits and your eligibility. Withdrawals of contributory principal are always tax-free and IRS penalty free at any age. Interest distributions are tax-free for qualified withdrawals. Required Minimum Distributions (RMD) at age 70 1/2 are NOT required on Roth IRAs.
Contributions are tax deductible depending upon your income limit. Consult your investment or tax advisor to determine if you are eligible and the current contribution limits. Penalty free withdrawals are allowed for qualified educational expenses, for a first-time home purchase, if you are older than 59 1/2, if you become disabled, for qualified medical expenses, for payment of health insurance premiums while unemployed, or upon your death.
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