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Certificates of Deposit (CDs)

Eastern Michigan Bank offers a wide variety of certificates of deposit (also called time deposit accounts or time certificates) with maturity terms from six months to 60 months. Rates are established weekly and are fixed during the term to maturity. Special term & rate certificates may be offered from time to time.

Interest is paid or compounded monthly, quarterly, or semi-annually on CDs of at least $1,000. On CDs less than $1,000, interest is paid or compounded quarterly or semi-annually. Most accounts are automatically renewed at maturity at the rate in effect at maturity. Early withdrawal penalties may apply. Contact an Eastern Michigan Bank Customer Service Representative for more information about our CDs.

Individual Retirement Accounts (IRAs)

IRAs were established to encourage individuals to save for retirement. Now we have IRAs that can also be used for education, first home purchases and medical expenses.

Eastern Michigan Bank offers Traditional IRAs, Roth IRAs and Coverdell Education Savings Accounts or CESAs. Contact an Eastern Michigan Bank Customer Service Representative for more information about any of our IRA products. (The rules and restrictions governing IRAs are many; check with your tax advisor for the benefits of an IRA in your specific situation)

Traditional IRA

Contribution Eligibility
Anyone who is younger than age 70 ½ for the entire year and has compensation or is the spouse of someone who has compensation. Contribution deadline is individual's tax filing due date, excluding extensions.

Distributions
Distributions must begin at age 70 ½. Failure to take a required minimum distribution will result in a 50% excise tax assessment on the undistributed amount.

Roth IRA
Roth IRAs are nondeductible accounts that are free from federal income taxes for certain distribution reasons after a five year holding period. They are generally treated in the same manner as the Traditional IRA.

Coverdell Education Savings Account (CESA)
A CESA is a non-deductible savings account that features withdrawals that are federal income tax-free and penalty free if used for qualified education expenses.


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