Certificates of Deposit (CD)*

Traditional CDs are an investment that pays at a higher rate of interest for a specific term. Pine Island Bank offers a wide range of terms to meet your needs. Start your investment today with a minimum of $500.00. Early withdrawal penalty, fees could reduce earnings.

Young Savers Certificate of Deposit*

Uniform Transfer to Minors Act (UTMA) allows an adult to give money to a minor without having a complicated trust agreement. These funds can be deposited into our Young Savers Certificate under the child's name and social security number. 

  • $300.00 minimum deposit to open
  • Interest compounded quarterly
  • Make up to two deposits of at least $150.00 within a 12 month period


*Early withdrawal penalty, fees may reduce earnings.

 

Individual Retirement Arrangements (IRAs)*

With Pine Island Bank's IRAs, your retirement funds are safe and FDIC insured up to $250,000. Early withdrawal penalty, fees may reduce earnings.
Traditional IRA

The Traditional IRA is an account that allows you to defer taxes on the earnings on your contributions until they are withdrawn. Certain contributions are tax deductible in the tax year for which they are made. 

  • $100.00 minimum deposit to open
  • Interest compounded quarterly
  • No monthly or annual fees
Roth IRA

The Roth IRA allows only nondeductible contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, people who expect to be in a higher tax bracket when they retire may benefit more from a Roth than from a Traditional IRA.

  • $100.00 minimum deposit to open
  • Interest compounded quarterly
  • No monthly or annual fees

Please log on to the Internal Revenue Service (IRS)  website for the most recently updated contribution limits.

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