Personal CDs and IRAs

Village Bank offers a variety of Certificates of Deposit and Individual Retirement Accounts to meet your needs.

Village Certificate of Deposit

You can choose a term from 1 to 60 months; with an opening deposit of $1,000 for 1 to 9 months, and $500 for 12 to 60 months:

  • Your term, rate, accrual method and penalty guidelines will remain the same until your CD matures
  • Village Bank gives you a 10-day grace period (nine calendar days plus your renewal date) to make changes to your CD penalty-free
  • 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)
  • After renewal, your interest will be compounded daily and paid monthly
  • Interest may be paid monthly, quarterly, or at maturity by check, direct deposit into a Village Bank account or account at another institution. Interest earned may be impacted by payment selection

Village IRAs

An IRA can be a smart investment for your retirement. Village Bank offers Traditional, Spousal, Roth, and SEP IRAs. (Please see your tax advisor concerning potential tax benefits and eligibility requirements.)

Village IRA Savings

  • Additional deposits, up to $5,000/individual per year up to age 50, or $6,000 per year for age 50 and above, allowed at any time
  • Your Village Bank IRA will be governed by the Internal Revenue Service Custodial Account Model Plan
  • Interest will be compounded daily and paid monthly
  • There is no maturity date, however, you may begin withdrawals at age 59 1/2 , and you must begin withdrawing the required minimum distribution by age 70 1/2

Village Fixed Rate IRA

  • Your Village Bank IRA will be governed by the Internal Revenue Service Custodial Account Model Plan
  • Village Bank gives you a 10-day grace period (nine calendar days plus your renewal date) to make changes to your IRA penalty-free
  • 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 CD offerings)
  • After renewal, your interest will be compounded daily and paid monthly
  • You may begin withdrawals at age 59 1/2 , and you must begin withdrawing the required minimum distributions by age 70 1/2 for traditional and SEP IRAs
  • Regardless of age, if IRA is redeemed or a withdrawal is made prior to the maturity date, a penalty must apply
  • There is an IRA transfer fee of $25.00 per transfer to another financial institution