IRAs

IRA Types:

PayDay - Save for retirement by contributing small amounts each pay day! Open this account with as little as $10, then we’ll set up automatic transfers from your Clear Mountain Bank deposit account on every pay day. You’ll earn a great interest rate, and there are no term limits and no early withdrawal penalties from Clear Mountain Bank! Plus, your contributions may be tax deductible.
Adjustable Rate - This is the most flexible of our investment accounts, allowing smaller deposits with all the benefits of a long-term IRA. Open your Adjustable Rate IRA with any amount and add to this account whenever you like in any amount, large or small. Your Adjustable Rate IRA is based on our 18-month Certificate of Deposit rate. We will provide you with a register book for record-keeping and automatic debit options also are available.
Fixed Rate - Often preferred by the customer who seeks a longer maturity with the benefit of a steady rate, the Fixed Rate IRA features a term from one to five years. Minimum deposits can be as little as $500, but additional deposits to the same account are not permitted. Contributions may be tax-deductible depending on your income, marital status and whether you have a retirement plan at work. Taxes are typically deferred on the interest you earn and withdrawals are taxed as ordinary income.
Roth - A non-deductible account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. There are several types of qualified distributions that can be taken from a Roth IRA. Additionally, IRS penalties as well as distributions are set up differently from the conventional IRA account. We suggest you talk with one of our Personal Bankers for all the details to help you make a sound investment decision with a Roth IRA.
Coverdell Education Savings Account - This non-deductible account features tax-free withdrawals for a very specific purpose: education expenses. While qualified higher education distributions from a traditional or Roth IRA are penalty free, the same distributions from a Coverdell Education Savings Accounts are penalty free and tax-free. Please discuss the details of a Coverdell Education Savings Account with one of our Personal Bankers to determine if it’s right for you.

Effective as of 2/28/2025

Savings Rates	Rate	APY*	Minimum Balance to Obtain APY
7 Day CD	0.03	0.03	$1,000.00
31 Day CD	0.04	0.04	$1,000.00
91 Day CD	0.09	0.09	$1,000.00
182 Day CD	0.12	0.12	$1,000.00
12 Month CD	0.20	0.20	$1,000.00
18 Month CD	0.22	0.22	$500.00
24 Month CD	0.25	0.25	$500.00
30 Month CD	0.30	0.30	$500.00
36 Month CD	0.40	0.40	$500.00
48 Month CD	0.45	0.45	$500.00
60 Month CD	0.60	0.60	$500.00
84 Month CD	0.75	0.75	$500.00
96 Month CD	0.75	0.75	$500.00
Freedom CD - 36 months	0.40	0.40	$1,000.00

* Annual Percentage Yield
** Your interest rate and annual percentage yield may change the first of each calendar quarter. IRA’s mature 18 months from date of opening. Rates effective 7/1/2022.
*** Your interest rate and annual percentage yield may change at anytime at our discretion.
**** Maturity date of this club account is October 2022. Its term varies depending on when the account was opened. Rate effective 10/11/2013.
Minimum balance to open accounts are as follows:

Regular Savings and Christmas Club – $1.00
IRA’s – $10.00
Certificate of Deposits – $500.00/ $1,000

Fees may reduce earnings.

Penalty for early withdrawal may be imposed on all accounts listed above with the exception of Regular Savings. Rates and APY’s are accurate as of 8/2/2022 (unless otherwise noted).

Clear Mountain Bank provides these rates for informational purposes only. These rates are subject to change and should not be used for financial or future planning. For actual current rates please contact your local Clear Mountain Bank office.