NewMoneyCD_062218
*APY = Annual Percentage Yield, Must maintain minimum balance to obtain the disclosed annual percentage yield. A penalty will be imposed for early withdrawal.
APY is accurate as of June 22, 2018 and subject to change.
++New Money is defined as funds not currently on deposit at MCT.

 

Certificates of Deposit

Safety plus a solid rate of return makes MCT’s Certificate of Deposit one of the safest investments around. We offer three products to meet your specific needs:

  • Growth CD
  • Income CD
  • Jumbo CD

Securely Contact our Customer Service Team

Growth Certificate of Deposit

Compounded returns at a high fixed interest rate equal maximum growth. You’ll only find that in MCT’s Growth CD. Open with a minimum of $500. Your interest is compounded and posted monthly.

Choose from a term of 3 month, 6 month, 1, 2, 3, 4 and 5 years. We also offer a 3-1/2 year Step-Up CD;  at your discretion you may change the interest rate on the account by stepping-up to a higher interest rate 1 time during the certificate’s 3 ½ year term.   Other special terms available as advertised.

Check out our current CD rates!        

Income Certificate of Deposit

This CD combines a high interest rate with disbursement options suited to individual customer needs. Open with as little as $500. Interest accrues daily and paid however you instruct; monthly, quarterly, semi-annually, annually or at maturity if the term is one year or less.

Interest can be paid by check or deposited directly into your MCT checking, savings or money market account.

Choose from a term of 3 month, 6 month, 1, 2, 3, 4 and 5 years. We also offer a 3-1/2 year Step-Up CD; at your discretion you may change the interest rate on the account by stepping-up to a higher interest rate 1 time during the certificate’s 3 ½ year term. Other special terms available as advertised.

Check out our current CD rates!        

Jumbo Certificate of Deposit

Open this special CD with a minimum of $100,000. Designed as a time deposit with maximum interest growth.

Collect interest on your terms; compounded if growth is your goal, or simple interest for use as an income vehicle.

Choose from terms of 30 days, 60 days, 3 month, 6 month, 1 year or longer. Other special terms available as advertised.

A Personal Banker can provide current Jumbo CD rates.

 

Traditional Individual Retirement Account (IRA)/Certificate of Deposit

FDIC-insured, tax-deferred interest retirement savings plan.

Contributions are made on a pre-tax basis, lowering your liability at tax time. You’ll only pay taxes on amounts you withdraw or use as retirement income when your tax bracket is typically lower.

Minimum to open is $100.00, you can make a minimum deposit of $50.00 anytime during the taxable year.

Available terms are 1, 2, 3, 4 and 5 year. We also offer a 3-1/2 year Step-Up IRA; at your discretion you may change the interest rate on the account by stepping-up to a higher interest rate 1 time during the certificate’s 3 ½ year term. Special terms may be available as advertised.

You’ll get a detailed annual status report every January, with a renewal notice at maturity.

Penalties/Restrictions:

  • No IRS or bank penalties assessed on withdrawals made after age 59-1/2, disability, death, and certain circumstances as allowed by law. These include certain health insurance premiums, deductible medical expenses, or first time home buyer.
  • An IRS penalty of 10% is assessed on withdrawals made by persons under the age of 59-1/2, as well as a bank penalty of three months interest for 1 year CDs and six months interest for CDs over 1 year.
  • No bank penalty is assessed on withdrawals at certificate maturity or within the 20-day grace period. An IRS penalty of 10% still applies to withdrawals made by a person under age 59-1/2.

Consult your tax advisor for tax implications specific to your individual situation.

Speak with a Personal Banker for more information.

Check out our current Certificate of Deposit IRA rates!          

Roth Individual Retirement Account (IRA)/Certificate of Deposit

A flexible retirement vehicle for those who expect to be in a higher tax bracket when they retire. Contributions are considered taxable income, so you won’t face that liability when you withdraw funds. 

Certain income limits apply to be eligible for this account. Open with a minimum deposit of $100.00 and make minimum deposits of $50.00 anytime during the taxable year.

Available terms are 1, 2, 3, 4 and 5 year. We also offer a 3-1/2 year Step-Up IRA; at your discretion you may change the interest rate on the account by stepping-up to a higher interest rate 1 time during the certificate’s 3 ½ year term. Special terms may be available as advertised.

You’ll get a detailed annual status report every January, with a renewal notice at maturity.

Penalties/Restrictions:

  • No IRS or bank penalties assessed on qualified withdrawals made after the age of 59-1/2, permanent disability, first-time home purchase, or in the event of your death.
  • The 10% IRS penalty is also waived for certain other distributions. Taxes will be applied to any earnings. These situations may include:
    • Substantially equal periodic payments
    • Medical expenses in excess of 7.5% of your adjusted gross income (AGI)
    • Health care insurance if you’ve been receiving unemployment compensation for at least 12 weeks
    • Qualified higher education expenses

Distributions taken for any reason other than those listed above are subject to both taxes and a 10% IRS penalty on any earnings withdrawn.

No bank penalty is assessed on withdrawals at certificate maturity or within the 20-day grace period.

Consult your tax advisor for tax implications specific to your individual situation.

Speak with a Personal Banker for more information.

Check out our current Certificate of Deposit IRA rates!         

Coverdell Education Savings Account (IRA)/Certificate of Deposit

Plan ahead for a child’s higher education expenses! Parents, grandparents, aunts and uncles – this is a great way to help provide for a loved one’s future.

This non-deductible account features tax-free withdrawals for only one purpose – a child’s higher education expenses. It’s available to any person wishing to set up an account for the benefit of a child.

Certain income limits apply for account eligibility. Contribute as long as you like – even above the age of 70-1/2 or if you no longer have earned income.
Open this account with only $100.00 and make minimum deposits of $50.00 anytime during the taxable year.

Available terms are 1, 2, 3, 4 and 5 year.  We also offer a 3-1/2 year Step-Up IRA; at your discretion you may change the interest rate on the account by stepping-up to a higher interest rate 1 time during the certificate’s 3 ½ year term. Special terms may be available as advertised.

You’ll get a detailed annual status report every January, with a renewal notice at maturity.

Penalties/Restrictions:

  • Make contributions on behalf of the child until the day of their 18th birthday
  • Total aggregate contribution into one or more Education IRAs on behalf of a child cannot exceed $2,000 for the taxable year
  • Your allowable contribution is based on your modified adjusted gross income (MAGI)
  • Taxes plus a 10% penalty is assessed for non qualified distributions

Speak with a Personal Banker for more information

Consult your tax advisor for tax implications specific to your individual situation.  .

Check out our current Certificate of Deposit IRA rates!       

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