• Regular CD
• Trade-a-rate CD
• Saver CD
• IRAs

Regular CD

• Minimum deposit of $500.00
• Interest rate established the date of deposit and calculated by the daily balance method
• Available in:
  1 month to 5 years
• Interest payment method by direct deposit quarterly, semi-annually or annually
• Compounding available with any term greater than 3 months
• Penalty for early withdrawal based on term

Trade-a-rate CD

• The minimum initial deposit for this Certificate of Deposit is $2500.
• If you have a Trade-A-Rate CD and rates increase, you have the one-time option to "trade-up" to the new prevailing Trade-A-Rate CD rate. This increase is not automatic and is initiated by the customer.
• Interest payment method by direct deposit quarterly , semi-annually, or annually
• Compounding available with any term greater than 3 months
• Penalty for early withdrawal based on term

Saver CD

What is the simplest way to reach your savings goal? Put your savings plan on Autopilot! United Bank’s Saver CD allows you to contribute monthly to a Certificate of Deposit by automatic draft from a United Bank Checking Account.

If you have a goal of making a car purchase, buying a boat, paying for a wedding, or even going on a well deserved vacation, you can use the Saver CD to build a savings reserve that you can access for your needs. Here’s How!!

For Openers!
An initial deposit of $500 is required to open a Saver CD as well as a monthly transfer from a United Bank Checking Account of at least $25. The maximum deposit for a Saver CD is $50,000 per household.

How it Works
You select the term (from 1 year to a maximum of 5 years) and the beginning balance (a minimum of $500) and, as long as you have a United Bank Checking Account, monthly contributions to your CD will build up your savings.

Interest
The interest rate is fixed for the term of the CD and will be automatically renewed at the interest rate in affect at maturity if it is not redeemed with ten days of the maturity day of the CD. Interest earned on your Saver CD must be reinvested (added back) to your CD and can be done so monthly, quarterly, or at least annually.

Early Withdrawal
If you find it necessary to close your Saver CD before the contracted maturity date you will be assessed a penalty of 1 year’s interest which may reduce principal. Should it become necessary to discontinue the monthly transfer or should a withdrawal from the CD be needed, the CD will be closed and the penalty assessed. Checking accounts linked to Saver CDs that are overdrawn due to a Saver CD transfer are subject to normal NSF fees.

Contribution Adjustments
You may raise or lower the amount of your automatic monthly transfer one (1) time during the term of your Saver CD.

Monthly Statement
In order to keep track of the balance in your Saver CD you may receive a combined monthly statement of your CD along with your United Bank checking account statement. To ensure that this benefit is passed along to the customer, it is most helpful to use the same ownership structure for the Saver CD that is featured on the related checking account.

IRAs

If you are under age 70 ½ for the entire tax year and have earned income, you are eligible to establish a Traditional IRA. To open a Roth IRA, there is no age restriction and eligibility is based on having earned income and your modified adjusted gross income cannot exceed certain limits. You may deposit any amount up to 100% of your earned income or $5,000, whichever is less.

If you are age 50 or above, you may deposit catch-up contributions of up to $1,000 in addition to the $5,000.

Earnings on IRA contributions remain tax deferred until withdrawals are made.

Deductibility of your IRA deposit for tax purposes is based on whether or not you are an active participant in an employer maintained retirement plan and, if so, your adjusted gross income tax filing status. You may be eligible for the maximum deduction, a partial deduction, or no deduction.

Funds can be withdrawn from your IRA without the 10% IRS premature distribution penalty anytime after you reach 59 1/2, become disabled, or when the distributions are part of certain periodic payments.

At age 70 ½ , you must begin to take minimum required distributions from your Traditional IRA or severe penalties will be imposed. There are no minimum required distributions from Roth IRAs.

If you have earned income and your spouse has less than you or no earned
income, you can establish a Spousal IRA. The combined contribution limit
for both spouses is the lesser of 100 percent of combined earned income or
twice the maximum allowable amount which is $5,000. To qualify for a spousal IRA, you must be married at the end of the year and file a joint federal income tax return.

IRAs for the taxable year can be opened anytime between January 1 and the date your tax return is due for the year, excluding extensions, normally April 15 of the following year.

IRA investments may be in certificates of deposit.

Tax Deductibility: Please consult your advisor regarding deductibility of your IRA deposits for tax purposes.