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CERTIFICATES OF DEPOSIT
Venture Bank offers
short and long term Certificates of Deposit (CDs). Terms ranging from
3 to 60 months are available with only a $500 opening deposit.
To request our current rates, please call(888) 373-2265 or click here to contact us. We look forward to hearing from you.
Whatever your saving
objectives might be - saving for retirement, a college
education, or a special purchase - a Venture Bank Certificate of
Deposit account can help with your financial needs.
Substantial penalty
for early withdrawal. Deposits are insured up to $100,000 by
FDIC.
INDIVIDUAL
RETIREMENT ACCOUNTS
Venture Bank also
offers short- and long- term IRAs. With a minimum deposit of
$100, your retirement savings can start today!
The Traditional
IRA is an account which allows you to defer taxes on your
earnings until they are withdrawn. Additionally, certain
contributions are tax deductible in the tax year for which they
were made.
Deductibility for
your contribution is based on IRS guidelines. All earnings on
your Traditional IRA contributions remain tax deferred until you
make withdrawals, and are then taxed as income for that year.
The Roth IRA
is a non-deductible account that features tax free withdrawals
after five years for certain distribution reasons. To
qualify for a Roth IRA, you must have earned income (or your
spouse must have earned income).
Contribution Limits for tax year 2008 are the same for Traditional IRAs and Roth IRAs, as stated below:
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The Standard Contribution Limit to your Traditional or Roth IRA is $5,000.00 per year or 100% of your earned income, whichever is less.
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The contribution limit for individuals age 50 or over includes an additional amount of $1,000.00, for a total contribution of $6,000.00.
The contribution limits for tax year 2009 and later are:
- $5,000.00 per year plus COLA*
*Cost of Living Adjustment (COLA)
Substantial
penalty for early withdrawal. Deposits are insured up to $250,000.00 by FDIC.
For additional
information regarding your IRA accounts, please contact your tax
advisor.
Would you like to
open a new account?
Submit a New
Account Request and a Financial Services Specialist will contact
you to complete your new account application.
If you have any
questions, please call(888) 373-2265 or click here to contact us. We look forward to hearing from you.
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