CDs & IRAs

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Certificates of Deposit (CD)

Enjoy earning interest with peace of mind knowing your investment is secure with FDIC insurance up to $250,000 and not subject to market fluctuations. Meet your savings needs with the flexibility of choosing your investment amount of $500 or more and a variety of terms from 7 days up to 60 months.

Our Certificates of Deposit are fixed investments that are generally used to invest a specific sum for a specific period of time. You may not add money to these certificates and they are not negotiable.

COMPARE CD AND INTRAFI NETWORK DEPOSITS

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IntraFi Network Deposits

Expand your peace of mind with the ability to insure investment amounts over $250,000 with FDIC insurance. By choosing IntraFi Network Deposits (formerly known as CDARS or Certificate of Deposit Account Registry Service) through NPB, you allow your money to work for the local community, while keeping your funds safe, secure and working for you.

Let NPB eliminate the time and hassle of manually consolidating interest disbursements and 1099 statements, with multiple banks. There is no need to rate shop when you can conveniently earn one competitive rate on your entire investment without lifting a finger. Acting as custodian, the bank places the available funds ($10,000 minimum required) into CD's using multiple banks within a special network via IntraFi Network’s Certificate of Deposit Account Registry Service. So investments can been seen and read as if it was invested with NPB alone, you receive statements that list all issuing banks that your money is distributed to, along with interest earned, maturity dates and balances.

Compare CD and IntraFi Network Deposits

*Ask a New Peoples Bank representative for specific rates

CD & IntraFi Network Deposit Comparison Charts

Product

Certificate of Deposit (CD)

IntraFi Network Deposits

Minimum to Open

$500

$10,000

Interest Bearing

Earn interest on balances of $500 or more1

 Earn interest on balances of $10,000 or more

Interest Payment Options

 Interest can be compounded, deposited to a checking or savings account, or paid by check

Interest can be compounded, deposited to a checking or savings account, or paid by check

Contributions / Deposits

Fixed investments of a specific sum for a specific period of time. You may not add money to these certificates and they are not negotiable.

 Fixed investments of a specific sum for a specific period of time. You may not add money to these certificates and they are not negotiable.

FDIC Insurance

Up to $250,000

Amounts over $250,000

Statement Options

Quarterly Statement

Monthly Statement

Service Charges / Monthly Fees

N/A

N/A

Available Investment Terms 7 Days to 60 Months2 4-Week, 13-Week, 26-Week, 52-Week, 2-Year, 3-Year3
Early Withdrawal Penalty You can withdraw funds prior to maturity by paying an early withdrawal penalty of 3 months interest on any certificate with a term of 3 months or more. On certificates with terms of less than 3 months, all interest will be forfeited

You can withdraw funds prior to maturity by paying an early withdrawal interest penalty according to the terms of the certificate: 4-Week: 28 Days, 13-Week: 90 Days, 26-Week: 90 Days, 52-Week: 180 Days, 2-Year: 360 Days, 3-Year: 540 Days

1Interest can be compounded, deposited to a checking or savings account, or paid by check.
2You can withdraw funds prior to maturity by paying an early withdrawal penalty of 3 months interest on any certificate with a term of 3 months or more. On certificates with terms of less than 3 months, all interest will be forfeited.
3Penalties for early withdrawal may apply. Interest will accrue daily up to the date, but not on the maturity date. If the maturity date should fall on a non-business date, then the funds will be paid out the following business day.

 

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Mortgage Loans

Buying or refinancing your home is exciting, and at New Peoples Bank, we aim to make the experience as easy, simple, and secure as possible. With our variety of real estate loan options, we're sure you'll find one that's right for you. Our mortgage team is ready to work with prospective buyers and current homeowners.

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Savings Roth IRA

Rest easy knowing you have a secure savings plan to comfortably retire when you’re ready. Our Savings Roth IRA Accounts are variable rate investments that have tax benefits authorized by Congress. These IRA's are not tax-deferred, but once you retire the distribution of earnings is tax free. You may add money to these accounts at any time.

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**Annual contributions are limited per IRS guidelines.

Savings Traditional IRA

Enjoy the comfort of a secure retirement account that offers a possible tax deduction for annual contributions. Our Savings Traditional IRA Accounts are variable rate investments that have tax benefits authorized by Congress. You may add money to these accounts at any time.

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**Annual contributions are limited per IRS guidelines.

CD Roth IRA

Take advantage of this fixed rate and term investment that will secure your financial future with the choice of a wide variety of fixed rates and terms ranging from 12 to 60 months. Enjoy the benefit of your earnings being tax-free once you begin distribution upon retirement without the requirement of starting at the age of 72.

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**Annual contributions are limited per IRS guidelines.

CD Traditional IRA

Take advantage of this fixed rate and term investment that will secure your financial future with the choice of a wide variety of fixed rates and terms ranging from 12 to 60 months.

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**Annual contributions are limited per IRS guidelines.

Coverdell Education Savings IRA

Secure your family’s financial future and ensure that your child is ready to pursue the education that will influence and shape their future. Enjoy a fixed rate investment with terms ranging from 12 to 60 months. Take advantage of earnings that grow and are tax free if used for qualified education expenses.

This account is setup for a child who is younger than 18 years old (if the child has special needs, the age limit does not apply).

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IRA Comparison Chart

Features

Savings Roth IRA

Savings Traditional IRA

CD Roth IRA

CD Traditional IRA

Coverdell Education Savings IRA

Minimum to Open

$25.00

$25.00

$500.00

$500.00

$500.00

Rate Type

Variable

Variable

Fixed

Fixed

Fixed

Tax Deductible Contributions

 

Contributions may be tax deductible

 

Contributions may be tax deductible

Contributions are not tax deductible

Ability to Withdraw Contributions

Can withdraw contributions without taxes or tax penalties

Withdrawals before 591/2 incur a tax penalty. All withdrawals are taxable income.

Can withdraw contributions without taxes or tax penalties

Withdrawals before 591/2 incur a tax penalty. All withdrawals are taxable income.

Withdrawals permitted as needed for educational expenses

Tax Free Distributions of Earnings

Yes

Funds are taxable when they are distributed

Yes

Funds are taxable when they are distributed

Earnings grow tax free if distributions are for qualified education expenses

Required Age of Distribution

No requirement to begin distribution by age 72

Distribution must start by age 72

No requirement to begin distribution by age 72

Distribution must start by age 72

 

Contribute Funds at Anytime

Yes – up to the annual limit

Yes – up to the annual limit

   

Yes – up to the age of 18 (if the child has special needs, the age limit does not apply)

Annual Contribution Limits

Set each year by the IRS

Set each year by the IRS

Set each year by the IRS

Set each year by the IRS

$2,000.00 per child

 

Personal Checking with Benefits!

It’s more than just a checking account. UChoose® Rewards with a personalized debit card. GenGold® with ID Theft Protection and many exclusive shopping benefits. Mobile and online banking access make managing your finances easy and convenient.

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