A First
Shore Federal Certificate of Deposit (CD) offers the security of FDIC-insurance
while locking into a yield for a term you choose.
- Safe and secure
returns on your investment.
- Select a term
from 3 months to 5 years.
- Unless
otherwise stated, the minimum opening balance is $500.
- Interest
earned on certificates is credited to your balance quarterly in order
to receive the quoted APY. You may also choose to have the interest
transferred to another First Shore Federal account or you can receive
a check monthly or quarterly.
- Non-retirement
Certificate of Deposit accounts may be used as collateral for a share
loan.
- Most
CDs automatically renew.
Rising
Rate Certificates of Deposit
- Choose our 10, 18, 24, 40 or 60 month term Rising Rate CDs.
- Minimum opening
balance is $500 for most terms and $10,000 for the 24-month First
Family CD.
- A Rising Rate
CD gives you the option of increasing the interest rate on your certificate
once during the term to our current interest rate being offered at
that time.
“Add
To” Certificate of Deposit
If you are just
starting to build your own nest egg or looking for a great way to help
your children save, this certificate of deposit is for you.
- Minimum opening
balance is $200.
- The term of the
CD is 12 months.
- Make additional
deposits anytime during the term.
- Interest is credited
to the account at maturity.
Individual
Retirement Accounts
Now is the perfect
time to begin saving for your retirement. A First Shore Federal IRA
plan offers you a safe, secure place to save.
- We offer Traditional
IRA products as well as the Roth IRA, the Coverdell Education Savings
Account and retirement plans for business owners such as the SIMPLE
IRA and the SEP IRA.
- We can also assist
you when you need to transfer an IRA or rollover funds from a previous
employer’s retirement plan.
- Open an IRA CD
with a minimum balance of $250.
- Our variable
rate IRA can be opened with as little as $25 and features the convenience
of making regular contributions anytime during the term.
Traditional
and Roth IRA Maximum Annual Contribution Limits
Tax
Year |
Under
Age 50 |
Age
50 and Older |
2002 |
$3,000 |
$3,500 |
2003 |
$3,000 |
$3,500 |
2004 |
$3,000 |
$3,500 |
2005 |
$4,000 |
$4,500 |
2006 |
$4,000 |
$5,000 |
2007 |
$4,000 |
$5,000 |
2008 |
$5,000 |
$6,000 |
2009
and after |
$5,000
plus Cost of Living Adjustment |
$6,000
plus Cost of Living Adjustment |
IRA
contributions may be limited based on income and age restrictions. Seek
the advice of a legal or tax professional when determining your maximum
annual contribution limit.
We will accept
deposits from residents of the Eastern Shore of Maryland, Virginia and
lower Delaware. Please visit one of our eight offices to open an account.
If you would like
to receive additional information about these accounts or any services
offered at First Shore Federal, please write to us at: PO Box 4248,
Salisbury, MD 21803-4248 or send us an eMail.
