CD’s and IRA’s
Protect Your Savings. Build Your Future. Achieve Your Financial Goals.
At Freedom Financial Bank, we offer a range of CDs and IRAs to meet your diverse financial needs. Our experienced team is dedicated to providing personalized guidance and exceptional service. Whether you're saving for a short-term goal or planning for retirement, we're here to help you make informed decisions.
Understanding Your Options
CDs and IRAs are both valuable tools for building financial stability, but they serve distinct purposes. Let's break down the key differences to help you determine which option aligns best with your financial goals.
Certificates of Deposit (CDs)
A CD is a savings account that offers a fixed interest rate for a specific term. By investing your money for a predetermined period, CDs allow you to earn higher returns than a traditional savings account. They are ideal for short-term savings goals or funds you don't need immediate access to.
Key Features of CDs:
- Fixed interest rate
- Set term length
- Early withdrawal penalties
- FDIC insurance for added security
Individual Retirement Accounts (IRAs)
IRAs are investment accounts designed to help you save for retirement. They offer tax advantages and flexibility in investment choices. There are two primary types of IRAs:
- Traditional IRAs: Contributions are tax-deductible, but withdrawals are taxed as ordinary income.
- Roth IRAs: Contributions are made with after-tax dollars, but qualified withdrawals are tax-free.
Choosing the Right Option
Choosing between a CD and an IRA depends on your financial situation, risk tolerance, and retirement goals. Consider factors such as your time horizon, desired rate of return, and tax implications.
Freedom Financial Bank offers a variety of CD and IRA terms and investment amounts with the most competitive rates available. Stop in at our branches in Des Moines and West Des Moines or call us at (515) 223-1113 for current rate information.
