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CDS / IRAS

Safe and Secure Northwoods Bank Certificates of Deposit

Maximize your earnings with a safe and secure investment in a Northwoods Bank fixed term Certificate of Deposit (CD).  We offer competitive rates and your funds are insured by the FDIC to the maximum allowable limit.

We have a variety of terms available from 91 days to 5 years.  CDs over 12 months have interest compounded.  Low $1,000 minimum deposit.  Early withdrawal penalties may be applied.

See a Northwoods Bank Personal Banker for more information.

IRAS

Northwoods Bank of MN has Traditional and Roth IRA’s. Nearly everyone under age 70 ½ and has earned income is eligible to contribute to an IRA. These contributions may or may not be tax deductible when filing an income tax return. At Northwoods Bank your IRA contribution can be invested in a safe and secure certificate of deposit or a savings account, you choose how much and where. Deposits up to $250,000 are FDIC insured. Once you have consulted your tax or legal professional for guidance, please contact us to start saving for your future.

Traditional IRA

Roth IRA

Tax Benefits

Tax-deferred earnings & potentially tax deductible contributions

Tax-free earnings & tax-free withdrawals

Minimum to Open

$250.00

$250.00

Eligibility

You must have earned income equal or greater than your contribution You must be under age 70 1/2

You must have earned income equal or greater than your contribution Your modified adjusted gross income must fall within the limits prescribed by the IRS

Maximum Contribution

$5,500.00 annually ($6,500.00 if 50 or older) Rollovers are not subject to annual limit


www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Limits

$5,500.00 annually ($6,500.00 if 50 or older) Income limits may apply Rollovers are not subject to annual limit


www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Limits

Required Minimum Distributions

After age 70-1/2

None

Account Fees

No Annual Fee

No Annual Fee

Servicing Park Rapids, MN And The Surrounding Areas

Family owned and operated since 1919

Our team members greet you with a smile and the expertise you are looking for!

  • 218.732.7221
  • 1200 East First Street
    Park Rapids, MN 56470
    NMLS #416535

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