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Certificates of Deposit
Looking for a way to earn higher interest on your surplus funds? A Cambridge Trust CD may be the answer. Earn a competitive rate from 30 days to 5 years. You can select the maturity that best matches your needs.
- Low minimum investment
- Competitive rates with a choice of fixed terms
- The security of FDIC insurance coverage
- Flexible interest payments — directly into your CD or other Cambridge Trust accounts, or transfered through our ACH service
Traditional IRA
The Traditional IRA continues to be the only IRA that allows tax-deductible contributions. Under new guidelines, spouses not covered by a retirement plan may be eligible for fully deductible contributions. Also, funds may be withdrawn for qualified higher-education expenses and first-time home purchases without paying the IRS early withdrawal penalty. Remember to consult your tax accountant for further information.
Roth IRA
If you are looking for an innovative savings vehicle offering after-tax contributions that can grow and be withdrawn tax-free if certain requirements are met, then you should consider opening a Roth IRA. The Roth IRA is a non-deductible account that is free of federal taxes for certain distribution reasons after a five-year holding period. As long as you have earned income and your Modified Adjusted Gross Income (MAGI) does not exceed certain limits, you are eligible to open a Roth IRA.
Education Savings Account
The Coverdell Education Savings Account is a non-deductible account that features tax-free and penalty-free withdrawals for a child's education expenses. Although distributions for education expenses are permitted penalty-free from Traditional and Roth IRAs, the crucial difference is that these same distributions from a Coverdell Education Savings Account are both penalty-free and tax-free.
SEP IRA
If you are self-employed or if you have a small business with few employees, you may be eligible for a Simplified Employee Pension (SEP) plan. This plan allows you to provide retirement benefits for yourself and your employees.
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