InvestWise

Certificate of Deposit

Certificate of Deposit also known as a CD is a secure way to invest excess funds for an extended period of time at a specific rate. We offer a variety of CD terms ranging from 30 days to 60 months at competitive rates. Contact a local branch representative to find out what today’s rate is.

  • CDs are available to consumer and business customers.
  • Withdrawing funds prior to a CD’s maturity will result in a penalty equivalent to a specified number of months in interest.

 

Check out our CD Ladder! This tool can be utilized to manage your CD portfolio. We help you analyze all your CDs and compute a weighted average rate of return and length of term to help understand your overall CD investments. This tool allows you to move money around to different terms and rates and see how it impacts your overall investment.

Individual Retirement Account

An Individual Retirement Account also known as an IRA is an account used to save funds for retirement that provides tax advantages. The money a person holds in his/her IRA can be invested into a number of different products from a savings account, a CD or even the stock market. Contact a local branch representative to find out the opportunities available and the rates applicable to each product. Trust us in assisting you with managing your funds so you can retire comfortably.

 

Prospect Bank offers Traditional, Roth, SEP, and SIMPLE IRAs.

  • Traditional IRAs are for individuals who have received earned income for the year. S/he can contribute tax-deductible dollars up to the maximum allowed per year based on the IRS standards but no more than 100% of his/her compensation. The earnings are tax-deferred until distributed. Eligibility based on income is also a condition.
  • Roth IRAs are for individuals who wish to contribute after-tax dollars into a retirement account up to the maximum allowed per year based on the IRS standards. S/he must have earned income for the year but are also bound by modified adjusted gross income limitations. The distributions from a Roth IRA are not tax-deductible provided certain conditions are satisfied.
  • A SEP (Simplified Employee Pension) Plan allows employers to set aside retirement funds for their employees. Traditional IRAs are set up for the individual eligible employees but an employer contributes a percentage of the employee’s pay into the account. Funds grow tax-deferred until they are withdrawn. Employees are not eligible to contribute. A written SEP agreement is required from the employer.
  • A SIMPLE (Savings Incentive Match Plan for Employees) IRA is an employer sponsored retirement plan very similar to a SEP IRA. A SIMPLE IRA has restrictions on the contribution amounts applicable. However, it allows employees to make contributions in addition to the employer. Funds grow tax-deferred until they are withdrawn.

 

Corporate Repurchase Account

A Corporate Repurchase is a unique non-traditional bank investment option available to our sophisticated business customers that provide a competitive rate of return with the protection of deposits beyond the FDIC limitations. Business funds are swept overnight to securities then repurchased the next banking day. Contact a local branch representative for additional details, specifications or applicable interest rates. Restrictions apply.

Investment opportunities that allow your money to work for you. Take a look at our products and services that can enhance your financial wellbeing based upon your desired level of risk.

Retail Repurchase Account

A Retail Repurchase is a unique non-traditional bank investment option available to our sophisticated consumer customers that provide a competitive rate of return with the protection of his/her deposits beyond the FDIC limitations. Accounts are collateralized with eligible securities. Contact a local branch representative for additional details, specifications and applicable interest rates. Restrictions apply.

Calculators

Important Notice: Links to the interactive calculators and information provided below are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

 


Investment Calculators

Asset Allocator

Your age, ability to tolerate risk and several other factors are used to calculate a desirable mix of stocks, bonds and cash.

Investment Returns

There is more to investing than knowing your annual rate of return. Use this calculator to help you see how inflation, taxes and your time horizon can impact your bottom line.

 


Retirement Savings and Planning

Roth vs. Traditional IRA

Use this calculator to determine which IRA may be right for you.


Savings Calculators

Certificate of Deposit Calculator

Use this calculator to find out how much interest you can earn on a Certificate of Deposit (CD).

College Savings

Use this calculator to help develop or fine tune your education savings plan.

Cool Million

Find out when your savings plan may make you a millionaire!


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