Certificate of Deposit and Individual Retirement Accounts

Start on the path to secure your financial future today! A Certificate of Deposit (CD) can help you meet your longer-term savings goals and an Individual Retirement Account (IRA) may be an important part of your retirement savings plan. 

Certificate of Deposit

What is a Certificate of Deposit* (CD)?

A CD is a deposit account that helps you save for the future. It is similar to a savings account, with a few distinct features.

  • Term: When you open your CD you agree to leave your money on deposit at the bank for a specific period of time. This is known as the CD term. It may range anywhere from a few months to a few years. If you withdraw any part of your initial deposit prior to the end of the term, also known as the maturity date, there is often a penalty fee assessed.
  • Interest rate: Unlike savings accounts, where the interest rate may fluctuate over time, with a CD the interest rate (or annual percentage yield) is normally locked in for the full term, from the date the account is opened to maturity. CDs often earn a higher rate of interest than a traditional savings account.
  • Minimum balance: Most CDs have a higher minimum balance than traditional savings accounts.

Certificate of Deposit Features

We offer Certificate of Deposit* (CD) accounts for regular savings, individual retirement accounts (IRAs), and Health Savings Accounts (HSAs) with the following features:

  • $500 minimum opening deposit 
  • Flexible terms starting from just three months
  • No monthly service charge
  • Earns interest
  • FDIC insured

Individual Retirement Account

What is an Individual Retirement Account (IRA)?

At its core, an IRA is a personal retirement savings plan. There are many types of IRAs and certain parameters for each. Learn more.^

  • Traditional IRA
  • Roth IRA
  • Simplified Employee Pension Plan (SEP)
  • And more

Individual Retirement Account Features

Save for your retirement with flexible account features and competitive rates when you choose between an IRA Savings Account or an IRA Certificate of Deposit (CD):

IRA Savings Account

  • No minimum deposit to open
  • Interest compounded quarterly
  • No annual reporting fees

IRA Certificate of Deposit (CD)

  • $500 minimum deposit to open*
  • Interest compounded quarterly on terms of 12 months or longer
  • No annual reporting fees

Everyone at Merchants is always professional, helpful and kind. Dana is simply the best!

Barbara Rockwell

*Rates of return vary by term and penalties apply for early withdrawal.

^ Some tax restrictions may apply. Consult your tax advisor to determine which type of IRA is best for you.


As your dedicated financial partner, we offer Wealth Management resources to help you plan for the future. Put our expertise to work for you. 

Relationship Checking

The account that rewards you when certain relationship balances are maintained. Being part of the Merchants family has its perks!

Diamond Money Market

The savings account that helps you earn more while you save more.

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