CDs and IRAs

If you are looking for a longer-term investment option with higher interest rates and lower risk than traditional investments, a CD offers a great savings option.

Features

• Minimum deposit for terms under three months is $2,500
• Minimum for terms equal to or greater than three months is $1,000
• Interest rates vary based on the term selected
• Fully insured
• Penalty incurred for withdrawing funds before the term has expired

For current CD interest rates and other personal savings account and loan rates, please view today’s interest rates, or contact a Canal Bank Savings Specialist today.

Planning a retirement fund? An IRA savings account is a smart way to get started. Canal Bank offers competitive interest rates and a term choice that works for you.

Features

• Minimum deposit to open an IRA account is $1,000. Please note: the minimum deposit for the 18-month variable interest rate account is $100
• Interest rates vary based on the term selected
• Fees could reduce earnings on the accounts
• Tax benefits
• Penalty may be incurred for withdrawing funds before the term has expired

For current IRA interest rates and other personal savings account and loan rates, please view today’s interest rates, or contact a Canal Bank Savings Specialist today.

Minimum daily balance (amount of principal in the account daily) to obtain the stated annual percentage yield is $1,000, except for the 18-month variable interest rate account, which is $100.

With an IRA Money Market Account, you can enjoy the flexibility of an Insured Money Market Account (IMMA) while taking advantage of the tax benefits associated with a traditional IRA, for a well-rounded financial solution for your long-term savings goals.

Benefits and Features

• This is an open-end IRA product that allows deposits and withdrawals without a bank penalty
• $100 minimum to open account; minimum balance to earn interest is $1,000. Rates will equal the standard Personal IMMA account rates. Based on Reg. D requirements (may only perform up to 6 withdrawals per month)
• Tax benefits
• Checks not issued with this product
• Deposits can be made at any time

For current IRA Money Market Account interest rates and other personal savings account and loan rates, please view today’s interest rates, or contact a Canal Bank Savings Specialist today.