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CDs and IRAs

Watch your money grow over time.

We offer a number of options to meet your needs. View current rates.

Certificates of Deposit

Please visit your local branch to open these three CDs.

Individual Retirement Accounts
Please visit your local branch to open an IRA.

What is a Certificate of Deposit?

To open a CD, you make a single, lump-sum deposit in an account that remains open for a specific length of time. The sum will earn a pre-determined fixed or adjustable interest rate, and the interest you earn will compound over time.

Establish a CD valued at $10,000 or more and you can opt to receive monthly interest checks. At maturity, if you opted for Automatic Renewal, the CD will roll over and be reinvested with no effort on your part. Otherwise, you can renew it or withdraw your original deposit along with the earned interest. These accounts are insured by the FDIC for up to $250,000.

Should I open a Traditional or Roth IRA CD?

Setting aside money for retirement in a Traditional IRA might come with a tax advantage. Depending on the circumstances, deducting part or all of the IRA contribution on your income tax may be possible.

  • Tax-deferred earnings produce higher growth

The Roth IRA is a non-deductible account that, after a five-year holding period, allows tax-free withdrawals for certain distribution reasons. Non-deductible means you can’t write it off as a tax deduction in the year you make the contribution.

  • A Roth is an option even if you’re already covered by a retirement plan.
  • Liberal withdrawal provisions become available after you reach age 59½.

All First Northern Bank and Trust IRAs are invested in First Northern Bank and Trust CDs.

There are many ways to save.

In addition to exploring CDs and IRAs, we encourage you to check out our other savings solutions: Statement Savings, Paperless Savings, Kid’s Statement Savings, Student Savings, Money Market Passbook Savings, Royal Savings, and All-Purpose and Christmas Club Accounts.