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 73
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
$6,500.00 annually ($7,500.00 if 50 or older) Rollovers are not subject to annual limit
www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Limits
$6,500.00 annually ($7,500.00 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 73
None
Account Fees
No Annual Fee
No Annual Fee
Servicing Park Rapids, MN And The Surrounding Areas
Family owned and operated since 1919
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