CDs & IRAs

You can choose a term from 1 to 60 months. A minimum deposit of $1,000 for 1 to 9 months and $500 for 12 to 60 months (excludes promotional CD offerings) is required.

• Your term, rate, accrual method and penalty guidelines will remain the same until your CD matures.
• Village Bank, A Division of TowneBank, gives you a 10-day grace period (nine calendar days plus your renewal date) to make changes to your CD penalty-free at maturity. 
• If you do not make any changes during your grace period, your CD will automatically renew at the same term with the interest rate in effect at the time of renewal (excludes promotional CD offerings).
• Interest will be compounded daily and paid monthly.
• Interest may be transferred monthly, quarterly, or at maturity by direct deposit into a Village Bank, A Division of TowneBank, account or an account at another institution. Interest earned may be impacted by payment selection.
• A penalty may be imposed for early withdrawal. 

Village Bank, A Division of TowneBank, offers Traditional, Roth and SEP IRAs all of which are governed by the IRS. You can choose a term from 12 to 60 months.

• Minimum deposit $100.00.
• Additional deposits, up to $6,000/individual per year up to age 50, or $7,000 per year for age 50 and above, allowed at any time.
• Interest will be compounded daily and paid monthly.
• You may begin withdrawals at age 59 ½* and you must begin withdrawing the required minimum distributions at age 72 for Traditional and SEP IRAs.
• Closing transaction fees may apply.

_{*May have tax implications. Please see your tax advisor concerning potential tax benefits and eligibility requirements.}

• Minimum deposit $500.00.
• Village Bank, A Division of TowneBank, gives you a 10-day grace period (nine calendar days plus your renewal date) to make changes to your IRA penalty-free at maturity. 
• If you don’t make any changes during your grace period, your IRA will automatically renew at the same term with the interest rate in effect at the time of renewal (excludes promotional offerings).
• Interest will be compounded daily and paid monthly.
• You may begin withdrawals at age 59 ½* and you must begin withdrawing the required minimum distributions at age 72 for Traditional and SEP IRAs.
• Withdrawal of funds from the IRA prior to maturity, except for required minimum distribution, may result in a bank penalty.
• Closing transaction fees may apply.

_{*May have tax implications. Please see your tax advisor concerning potential tax benefits and eligibility requirements.}