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CDs & IRAs

Plan ahead to earn higher savings rates with a Certificate of Deposit.  Receive a guaranteed interest rate on your savings when you agree to save your money at Foresight Bank for a certain amount of time.

Regular Certificates of Deposit

View Current Deposit Rates

Terms Available Minimum Deposit Early Cashing Penalties
3 Month
$500.00 30 days interest
6 Month
$500.00 30 days interest
1 Year
$500.00 30 days interest
2 Year
$500.00 90 days interest
3 Year
$500.00 90 days interest
4 Year
$500.00 90 days interest
5 Year
$500.00 182 days interest

Individual Retirement Account CDs

View Current Deposit Rates

Terms Available Minimum Deposit Early Cashing Penalties
Short Term IRA
$500.00 30 days interest
18 Month Variable Rate IRA
$200.00 90 days interest
18 Month Fixed Rate IRA
$500.00 90 days interest
24 Month IRA
$500.00   90 days interest
36 Month IRA
$500.00 90 days interest
48 Month IRA
$500.00 90 days interest
60 Month IRA
$500.00 182 days interest

Retirement doesn’t happen all by itself, that’s why setting up an IRA and making contributions annually can make a dramatic difference in your income at retirement.    You can choose from a ROTH IRA or a Traditional IRA, each with distinct advantages.

Traditional IRAs

The traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions are deductible in the tax year for which they are made and withdrawals can be made before age 59½ for the first-time purchase of a home or for higher education for children. Please consult your tax advisor.

ROTH IRAs

The ROTH IRA is an account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since ROTH IRA contributions are non-deductible and taxed in the year they are earned, some people benefit more from these accounts than from a traditional IRA.

IRA Transfers and Rollovers

It's easy to move your IRA to Foresight Bank. Whether a Roth or Traditional IRA, you can move existing IRA money as follows:

Transfers

You can come into our office, establish an IRA account with us, and complete a transfer form. This form is then sent to the institution that currently holds your funds. After receipt, the funds are sent directly to us for deposit into your account. The IRS places no limits on transfers and no part of this transaction is reported to the IRS.

Rollovers

To complete a rollover, you take the funds from one institution and deposit into another institution. A rollover may be done once per year and the deposit must be completed within 60 days of distribution from the first institution. A rollover is also used when moving funds from a qualified pension plan to a Traditional IRA.

Distributions

When you withdraw money from a retirement account, it is called a distribution. Distributions from a Traditional IRA are reported to the IRS as income and as such, may be subject to income tax. There may also be IRS imposed penalties except under special circumstances such as death, first time home purchase, disability, education and reaching age 59½. Distributions from a Roth IRA have more complex tax implications. You should speak with your tax advisor, accountant or attorney before proceeding with this type of transaction.

Required Minimum Distributions (RMD)

RMDs are a series of annual distributions that must begin during an IRA owner's lifetime or upon his/her death.  An IRA owner's first distribution year is the year he /she reaches age 70 1/2.  Each IRA owner is ultimately responsible for taking his/her RMDs.  Any penalties and resulting taxes for failure to satisfy an RMD fall on an IRA owner, not an IRA custodian/trustee.  Our representatives will be happy to assist in calculating your RMD if requested.

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