Bank of Dudley

When you invest in one of our competitive CD or IRA products, your money stays right here in our community. During the term of your investment, your money will help our community grow, financing new homes, startup businesses, and emergency funds and helping your neighbors meet their financial goals.

When your investment term is up, you get your initial investment plus a healthy interest sum. Use that money to finance something special, funnel it into savings, or reinvest it to grow your wealth further.

We offer a wide selection of certificates of deposit and individual retirement account options. When you visit or call us, one of our team members will talk through your financial goals and expectations. They’ll evaluate your financial status, timelines, and needs and recommend the right investments to help you achieve success.

If you ever have any questions or concerns about your investment accounts, give us a call. You won’t have to wade through a complicated answering system to get the help you want—a live person will answer the phone and direct you to the person who can help.

Unlike many investment products, deposits into your Bank of Dudley CDs or IRAs are protected up to applicable limits by the FDIC. No matter what the future holds, you can rest easy knowing that your money is protected by the same insurance that protects your checking and savings accounts.

CDs and IRAs are terrific choices for customers with low risk tolerance who want to earn more than they can through a savings or money market account.

Have a little extra cash on hand that needs to go to work for you? Are you trying to earn extra money to help save up for a special day? Want to make an investment that doesn’t tie up your funds for years at a time? Bank of Dudley certificates of deposit may be just what you need.

Certificates of deposit (CDs) are short-term, high-yield deposit accounts that allow you to earn considerably more than a savings or money market account. In exchange for the higher rate of return, the money must remain invested for the entire term of the certificate – there are penalties for early withdrawal.

Decide the Amount You Want to Invest

The more you invest, the more you earn. Remember that your funds must remain in the account for the entire term of the certificate to avoid early withdrawal penalties, so only invest what you can afford to have tied up.

Bank of Dudley CDs and IRAs require a minimum investment of $1,000.

Decide the Term of Your Investment

The longer you invest, the more you earn. Bank of Dudley offers various terms for our CDs, from six months to five years. As the term length increases, so does the final return you’ll see when the term is up.

Call or Visit Bank of Dudley

Let one of our friendly team members guide you through setting up your CD. They’ll explain the terms and conditions, help you understand how your investment works, and provide you with an accurate picture of how much your investment will earn over time.

Almost everyone looks forward to retirement. Are you financially prepared for the day you leave the workplace for the last time?

With individual retirement accounts from Bank of Dudley, you can grow your retirement savings with short-term, low-risk investment accounts that generate higher yields than traditional savings and money market accounts. Even better, taxes are deferred on money paid into IRAs, so long as certain conditions are met!

The term “individual retirement account” refers to a number of different types of deposit accounts that offer several advantages over traditional accounts:

• Considerably higher yield
• Tax deferral to reduce your current tax burden
• No fees or penalties if funds are not withdrawn early

Just like a certificate of deposit, IRAs are term investments, so the money will need to remain invested for the entire term, and penalties apply for early withdrawal.

IRAs come in several different types, differing mainly in when the tax deferral is applied:

• Traditional IRA: Payments made into a traditional IRA are tax-deferred, and tax is paid at the time of the money’s withdrawal from the account.
• Roth IRA: Payments made into a Roth IRA come out of after-tax dollars, but earnings and withdrawals are usually tax-free when funds are withdrawn after the age of 59 ½.

For business owners, we also provide Simplified Employee Pension (SEP) plans that allow you to contribute to your employees’ IRAs. SEPs are the easiest way to help provide your employees with secure retirement savings without establishing a full-service retirement program.

Due to the different types of investments available through our IRA offerings, we recommend starting the process with a call to your Bank of Dudley branch or your investment manager or tax professional. They’ll help you better understand the options that are available to you, each option’s strengths, and choose the right IRA for your current situation and future retirement goals.