William Penn Bank offers Certificates of Deposit in various terms ranging from 91 days to 5 years. The minimum balance to open a Certificate of Deposit account with William Penn Bank is $500.
A Certificate of Deposit may also be used as an individual retirement account (IRA). Rates and terms are the same as offered with our Certificate of Deposit accounts. IRA’s are a type of account designed for retirement savings. They offer certain tax benefits which can help you save for retirement:
- Contributions might be tax deductible (depending on your income and the type of IRA you use)
- Interest earned inside of the account may be shielded from current taxes (or tax-free, again depending on the type of IRA you use)
- Traditional and Roth IRA options available
Please speak with your tax advisor regarding government regulations and requirements for IRA’s.
Early Withdrawal Penalties
A penalty may be imposed for early withdraw of principal. You may withdraw interest earned on your Certificate of Deposit once credited to account, without penalty.
Contact your local branch for more information!
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