CDs & IRAs
Individual Retirement Accounts (IRAs)
We offer a full range of IRA plans, with investment options in a
wide array of secure, insured Certificates of Deposit. Plus, there
are no annual fees! Choose from a Traditional IRA, a Roth IRA, a
Coverdell Education Savings Account (ESA), or a Simplified Employee
Pension (SEP) IRA.
Check our
CD
rates (which also apply to IRA accounts).
CDARS
Looking for a way to keep large deposits safe? With CDARS®, you can
access FDIC protection on multi-million dollar CD investments
through Litchfield Bancorp. CDARS can be a valuable cash
management or longer-term investment tool for you or your business. It’s a
great solution for businesses, nonprofits, public funds managers,
trustees, financial advisors, individuals, credit unions, or IRAs
.
With help from CDARS, you can access:
Safety – Your money can access
multi-million dollar FDIC insurance coverage.
Convenience – You work directly with us.
You earn one interest rate and receive one regular statement and
one year-end tax form.
Community Investment – The full value of
your money can support lending opportunities in your local
community.
CD-Level Rates – Your money earns
CD-level returns, which may compare favorably with other
investment alternatives, including Treasuries, corporate sweep
accounts, and money market funds.
How does CDARS work?
Litchfield Bancorp a member of a special network. When you
place a large amount with us, we place your funds into certificates
of deposit issued by other banks in the same network – in increments
of less than the standard FDIC insurance maximum – so that both your
principal and interest are eligible for complete FDIC protection.
As a result, you can receive coverage from many banks, while having
the convenience of working just with us.
These exchanges, which occur on a dollar-for-dollar
basis, can bring the full amount of your original deposit back to
our bank. As a result, we can make the full amount of your deposit
available for community lending purposes.
What else should I know?
You no longer have to
spend time managing multiple bank relationships, administering
various interest rates, organizing interest disbursements from
various sources, or manually consolidating monthly statements. This
reduces your administrative burden, especially during tax and
financial reporting seasons.
And with CDARS, you can eliminate the need to
monitor changing collateral values – another timesaving convenience.
Of course, your confidential account information
remains protected.
Ask us about how CDARS can work for you the next
time you visit one of our branches, or email us for more
information.
-
Funds may be submitted for placement only
after a depositor enters into the CDARS Deposit Placement
Agreement with Litchfield Bancorp. The agreement contains
important information and conditions regarding the placement
of funds by us.
-
This benefit applies to some, but not all
types of CDARS transactions. Let us know if this benefit is
important to you, so that we can explain the relevant terms
and conditions in more detail.
CDARS is a registered service mark of Promontory
Interfinancial Network, LLC.
Related Topics:
CD Rates
