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local decisions

 

individual Retirement Accounts (IRA'S)

 

IRAs are accounts that allow individuals options on saving for retirement.  Depending on your age and employment, you can have either a Traditional or Roth IRA.

Traditional IRAs

Retirement

  • Contributions can be tax deductible - see your tax advisor for additional information.
  • Interest is tax deferred, meaning you don't need to report it unless the funds are taken out prematurely.
  • Account holders cannot withdraw funds before age 59 1/2 without a 10% penalty imposed by the IRS - see your tax advisor for additional information.
  • Withdrawal amounts are subject to income tax, regardless of age.
  • Individuals with a Traditional IRA cannot make contributions over the age of 70 1/2.
  • Individuals with a Traditional IRA are required to take annual distributions upon reaching the age of 70 1/2.  The required minimum distribution depends on the account holder's Age.
  • We offer 18-Month Fixed or Variable rate IRAs.
  • The interest rate and annual percentage yield (APY) may change on the variable rate IRA after the account is open.  We may change the rate on Variable rate IRA's at our discretion at any time.
  • IRAs automatically renew.
  • In certain circumstances, such as required distributions, an IRA penalty may be waived.
  • $50 minimum deposit to open account.
  • $50 minimum balance to earn APY.
  • CFB Pricing Schedule

Roth IRA'S

  • Contributions to a Roth IRA are NOT tax deductible.
  • All interest earned on a Roth IRA is Tax-deferred.
  • Depending on the circumstances account holders cannot withdraw funds before age 59 1/2 without a 10% penalty by the IRS - see your tax advisor for additional information regarding the 5-Year Tax Rule, contributions and distributions.
  • Individuals with Roth IRA can continue to contribute to their ROTH IRA even after age 70 1/2.
  • Individuals with Roth IRA are NOT required to take minimum distributions at age 70 1/2.
  • We offer 18-Month Fixed or Variable rate IRA's.
  • The interest rate and annual percentage yield (APY) may change on the variable rate IRA after the account is opened.  We may change the rate on these accounts at our discretion at any time. 
  • Roth IRA's automatically renew.
  • In certain circumstances, such as required distributions, an IRA penalty may be waived.
  • $50 minimum deposit to open account.
  • $50 minimum balance to earn APY.
  • CFB Pricing Schedule

 

  

Ladysmith Branch

 

Cumberland Federal Bank

NOW OPEN IN LADYSMITH!


Cumberland Federal Bank is pleased to be a part of the Ladysmith community. With over 85 years of serving the Cumberland area, Cumberland Federal Bank looks forward to supporting the thriving commercial small business enterprises, community organizations and families that call Ladysmith home. Located at 312 W. 9th Street, North, Cumberland Federal Bank is a full service bank providing commercial banking services and traditional banking products with friendly exceptional service. Cumberland Federal Bank is now open Ladysmith to serve you.

 

 

 

 

 

 

 

New Scam Alert

There is a new scam involving online banking transfers. Fraudsters transfer money between accounts, then call pretending they need a refund. They ask money to be wired out. Be diligent in checking all of your accounts and ask bank personnel any questions. Watch for red flags such as: asking you to lie to bank personnel, saying they will give you money for your trouble, the person had no reason to give you money. Educate yourself: click on Education Center and Money IQ for information regarding scams.