Online Banking Access
Business Bill Pay | Learn More & Sign Up

EndeavorOutstanding Servicemarching bandSlide2

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 these accounts 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.

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.

 

 

Coming Soon

CFB Mobile Banking

 

Look out for the launch of our new mobile banking application!  Cumberland Federal Bank’s App is safe and secure, allowing you to manage your accounts on the go. Now you can view account history, make balance inquiries, transfer funds, on your phone, on your tablet, on your schedule!

Our Mobile Banking App has two unique features that you won't find on our traditional online banking platform: Mobile Deposit Capture and Popmoney transfers. These two new features make banking with Cumberland Federal Bank even easier wherever you may be!

Mobile Deposit Capture gives you with a fast, convenient, secure, and easy way to deposit checks without the need of visiting our office. It’s as easy as taking a picture with your phone or tablet. Just tap, snap, and deposit!

With Popmoney, you now can send money to anyone, anywhere, anytime, simply by sending a text or email. This new service allows you to avoid exchanging sensitive account information in order to send funds to friends, family, or acquaintances, which can be especially troubling given the level of fraud occurring today. Instead, the recipient receives a link that will take them to a secure environment to enter their own information and receive the funds. All transactions are safe and secure! This means your information and the recipient’s information will remain confidential.

 


Your Chip Card is almost here!

CFB card

Additional Chip Card Information

Please activate your new Chip Card immediately &

destroy your old card.