A Certificate of Deposit Account or CD at Bank of Coral Gables is designed to give you a higher rate of return in exchange for a time commitment (term) on your deposit.
The minimum amount to open this product is $1,000.00. Principal deposit amount over $100,000.00 are considered to be "jumbo" certificates and receive a higher rate.
Your banker can help you decide which term is best for you in accordance with your needs.
Certificate of Deposit Accounts will automatically renew at maturity, unless you have requested otherwise. If you have told us to not renew your CD, it will not earn interest after maturity. There is a 10 days grace period during with time you may withdraw all or part of the CD balance before renewal.
Please click here for current rates.
IRA – Individual Retirement Account
IRA – Individual Retirement Account
Saving now with an IRA can better prepare you financially for your future, especially during retirement. Whether you are just starting out in your career, planning for your family, or close to retirement, its never too late to start saving with a Traditional or Roth IRA and to take advantage of the many benefits that they can offer along the way.
The minimum balance to open an account and obtain the APY is $1,000. Principal deposit amount over $100,000 are considered to be jumbo IRA certificates. IRA Certificate of Deposit Accounts will automatically renew at maturity, unless you have requested otherwise. Interest will not be paid during the maturity grace period if the certificate is not renewed.
Traditional IRA Characteristics
- Contributions often are tax-deductible.
- Earnings grow tax-deferred
- Distributions generally are taxable
- Distribution before you reach age 59 ½ are subject to penalty tax, unless you have an early distribution penalty tax exception.
- Required minimum distributions must begin at age 70 ½
Roth IRA Characteristics
- Contributions are not tax-deductible
- Earnings grow tax deferred
- Contributions generally can be distributed tax-free at any time.
- Earnings can be distributed tax-free if the Roth IRA owner first made a Roth IRA contribution at least five years ago, and is age 59 ½ , disabled, deceased, or paying first time homebuyer expenses
- Distributions are not required until after the Roth IRA owner dies.
Early Withdrawal Policy
When you make a deposit to a IRA CD Account, you are agreeing to keep the funds on deposit until the stated maturity. We reserve the right to permit withdrawals of principal only upon maturity. If we permit you to make an early withdrawal of principal, you may be required to pay an early withdrawal penalty, regardless of the length of time the funds withdrawn have remained in the account. The interest penalty is calculated on the rate of interest the certificate is currently earning. The early withdrawal penalty applicable to your CD Account is based on the original term of the certificate.
- 30 Day or less original maturity – 7 Days Interest Penalty
- 90 Day or less original maturity – 3 Months Interest Penalty
- 60 Month or less original maturity – 6 Months Interest Penalty
Upon opening an IRA CD, you will receive a safekeeping receipt verifying the principal amount, the interest rate and the maturity of the IRA CD. This receipt is in itself not a certificate of deposit or other instrument. The deposit and receipt are non-transferable, except on our records. After the account is opened you may not make deposits or withdrawals without penalty from the account until the maturity date.
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Please click here for current IRA CD rates. Your personal banker can help you decide which term is best for you in accordance with your needs.
Use this interest calculator to see how your invested funds will grow. Please consult a tax advisor regarding the deductibility of interest.
