CDs & IRAs

Certificate of Deposit

Certificate of Deposit (CDs) are FDIC insured and enable you to invest and earn higher interest rates than traditional savings accounts. North Shore Trust and Savings offers a wide selection of CD's with terms ranging from 3 months to 8 years, and minimum balances as low as $1,000. Along with our competitive interest rates, enjoy the convenience of the automatic renewal feature on our CDs.

Want interest income? Balances of $10,000 or more have the option of automatic interest payments on a monthly or quarterly basis. These interest payments may be received by check or credited to an account of your choice. Contact a Personal Banker today to discuss your options.

Individual Retirement Accounts

North Shore Trust and Savings offers a selection of FDIC insured fixed and variable rate certificates of deposit to establish your IRA. Only $100 is required to open a variable rate certificate that allows you more flexibility in making affordable deposits to meet your maximum contribution throughout the year. Our fixed rate certificate terms begin at 3 months and range to 8 years. A minimum of $1,000 is required to open these accounts that offer you important financial strategies for growth and safety. Let us assist you in your financial plans that may involve Trustee Transfers or Direct Rollovers from an Employer Pension Plan.

• Tax deferred contributions and/or earnings

• Tax savings

• Retirement security

• New increased contribution limits

• New catch-up contribution for individuals who attain the age of 50

• FDIC insured separately up to $250,000

• Attractive rates

• North Shore Trust and Savings will waive any certificate penalties for early withdrawal or transfer of accounts if you are 59½

Traditional IRA

The Traditional IRA offers you a way to save for your retirement nest egg and supplement your future anticipated Pension Plan and Social Security income.

• Regular/Spousal/Catch-up contribution types

• Contributions may be tax deductible

• Tax deferred interest earnings until withdrawal

• Availability of funds at age 59½

• Required Minimum Distribution required at the age of 70½

ROTH IRA

The Roth IRA gives you the ability to deposit your after tax dollars in an investment that will grow tax-deferred and allow you to take qualifying withdrawals tax-free.

• Regular/Spousal/Catch-up contribution types

• No age limit for contributions with earned income

• Modified Adjusted Gross Income eligibility for contribution

• Contributions are not tax-deductible

• No Required Minimum Distribution at the age of 70½

• Tax-free qualifying withdrawals:

  • 5 year waiting period

  • Age 59½

  • Death

  • Disability

  • First time home purchase

Self-Directed IRA

Self-Directed IRA's offer a wider variety of investment choices that may include stocks, bonds, mutual funds, time deposits or certificates of deposit. These choices permit the IRA holder to diversify and select investments of their choice. The IRA accountholder, rather than the trustee, bears the risk of investment performance based on their investment choices. Please see a member of our Trust Department to establish a Self-Directed IRA.

• Investment flexibility

• Market based investment choices

• 401K rollovers/trustee transfers allowed

SIMPLE IRA Plan

A SIMPLE IRA plan is a Savings Incentive Match Plan for Employees. Under a SIMPLE IRA plan, employees and employers make contributions to traditional Individual Retirement Accounts (IRAs) set up for employees (including self-employed individuals), subject to certain limits.   This type of plan allows the employees to defer part of their salaries into the plan for retirement. A SIMPLE IRA is ideally suited as a start-up retirement savings plan for small employers who do not currently sponsor a retirement plan.

To Establish a SIMPLE IRA plan, you:

• Have a business with 100 or fewer employees

• Need to complete a few forms

• Cannot have any other retirement plan

Advantages of a SIMPLE IRA plan:

• Easy to set up and run

• Administrative costs are much lower then other types of retirement plans

• Employees can contribute, on a tax-deferred basis

• Employers can choose to either match the employee contributions of those who decide to participate or to contribute a fixed percentage of all eligible employees' pay

• Each employee is always 100% vested in all money in his or her SIMPLE IRA