Certificates of Deposit

CDs are for people who want a high rate of interest, the security of a guaranteed rate and a fixed term on their deposit.

The Facts:

Several terms available
High interest rate that is guaranteed for term of certificate
Security of knowing your interest is insured, with a guaranteed and known return
Interest is compounded monthly for terms of 1 year or less
Interest is credited to the account the first day of each month
Early withdrawal penalties do apply
No deposits or withdrawals of principal allowed; interest may be withdrawn
$500 required to open the account
Deposits insured by the FDIC

IRA

For people under the age of 701/2 who want a retirement savings program with the added tax benefits allowed by law.

The Facts:

Interest earned is tax deferred until the time you withdraw it for retirement; then you are usually in a much lower tax bracket
Self directed IRA account that offers a menu of investment options that best suit individual investment needs: stocks, bonds, mutual funds, certificates of deposit, all offered through American Enterprise Bank of Florida
IRA deposit may be tax deductible; consult your tax advisor
No fees for either distributions or transfers
Year-end statement keeps you abreast of your investment's value
Bank Deposits insured by the FDIC

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