The Turbotville National Bank provides a stable, safe investment opportunity that is FDIC insured by offering certificates of deposits. Our bank offers a variety of certificates of deposit with a minimum deposit of $500.00 and a maturity range of 30 days to 60 months. Interest rates vary depending upon the term and the amount deposited. We offer single maturity, with automatic renewal. Interest can be paid by check, or credited to a checking, money market, or statement savings account. Penalties will apply for early withdrawal.
For customers who wish to save for retirement, the Turbotville National Bank offers individual retirement accounts. Deposits are invested in certificates of deposit, for term requested by customer. Terms and rates offered are the same as our regular certificates of deposit. Early withdrawal penalties may apply.
A Traditional IRA is a tax-deferred savings plan that allows individuals to accumulate funds for retirement up to annual contribution limits. Individuals may be able to deduct their contributions from their taxes in the year in which they are made. Any growth in the account would be tax deferred until the funds are withdrawn. Individuals may begin making distributions at the age of 59 ½ without penalty and must begin taking minimum distributions at age 70 ½. Individuals may benefit with a traditional IRA by saving tax dollars now if they anticipate a lower tax bracket at retirement.
A Roth IRA is a tax-deferred savings plan that allows individuals to accumulate funds for retirement up to annual contribution limits. Funds inside a Roth IRA will grow tax deferred until withdrawn at retirement. Unlike a Traditional IRA, a Roth IRA does not offer a potential tax deduction in the year they are made. However, qualified distributions are tax free during retirement. Individuals may begin making distributions without penalty at age 59 ½. Individuals may benefit from Roth IRA if they would like to have tax free funds available or expect a higher income tax bracket at retirement.