Certificates of Deposit

At TCB, we offer a range of Certificate of Deposit (CD) options, allowing you to choose the CD that best aligns with your savings goals and timeline. CDs are a popular choice for investors looking for a fixed return on their investments over a specific period of time.

Each of our CDs comes with the assurance of FDIC insurance, protecting your investments up to $250,000 per account.

Open a CD with TCB today and start growing your savings with confidence. Plus, you can track your CD’s progress and manage your investments conveniently through our online banking platform.

Please see one of our employees for our rates and our current specials.

Individual Retirement Account (IRA)

We are here to help you make the right choices for your financial future. Understanding the differences between Roth IRAs and Traditional IRAs is key to planning your retirement. In this guide, we’ll explore these options to assist you in making informed decisions that align with your financial goals.

  • The Individual Retirement Account (IRA) is a long-term investment plan with special tax advantages.
  • Select from terms including 18-month variable, 1-year fixed, 2-year fixed, or 5-year fixed options.
  • TCB also accepts your S.E.P. IRA deposits.



Understanding the Difference Between a Roth and Traditional IRA

Roth IRA

Tax Treatment: With a Roth IRA, you contribute after-tax dollars, so your withdrawals in retirement are generally tax-free. This means you won’t owe taxes on your earnings when you take them out.

Income Limits: Keep in mind that there are income limits for Roth IRA eligibility. High earners may find themselves ineligible to contribute directly to a Roth IRA, so it’s crucial to consider your income.

Age Restrictions: The Roth IRA has no age-based contribution restrictions. You can contribute as long as you have earned income, making it a flexible choice for savers of all ages.

Required Minimum Distributions (RMDs): One unique feature of Roth IRAs is that they do not require RMDs during your lifetime. You can leave your money invested for as long as you wish.

Traditional IRA

Tax Treatment: With a Traditional IRA, your contributions may be tax-deductible, potentially reducing your taxable income for the year. However, you’ll owe income tax on your withdrawals in retirement.

Income Limits: There are no income limits for Traditional IRA eligibility. This makes it accessible to all income levels, although high earners may not be able to deduct their contributions.

Age Restrictions: You can contribute to a Traditional IRA until the age of 70½, regardless of your earned income. This provides a longer contribution window for some.

Required Minimum Distributions (RMDs): Traditional IRAs require RMDs starting at age 72 (as of 2022). This ensures that you begin withdrawing and paying taxes on your savings during your retirement.

Both Roth and Traditional IRAs offer valuable tax-advantaged retirement savings options, but the choice depends on your individual circumstances and financial goals. Our experienced advisors are here to help you make the right decision. Feel free to reach out to us for personalized guidance or start your IRA journey online today.