Scenic view of a Michigan lake

CDs and IRAs

Certificates of Deposit (CDs) and Individual Retirement Accounts (IRAs)

Eastern Michigan Bank offers a wide variety of certificates of deposit (also called time deposit accounts or time certificates) with maturity terms from six months to 60 months. Rates are established weekly and are fixed during the term to maturity. Special term & rate certificates may be offered from time to time.

Interest is paid or compounded monthly, quarterly, or semi-annually on CDs of at least $1,000. On CDs less than $1,000, interest is paid or compounded quarterly or semi-annually. Most accounts are automatically renewed at maturity at the rate in effect at maturity. Early withdrawal penalties may apply. Contact an Eastern Michigan Bank Customer Service Representative for more information about our CDs.
IRAs were established to encourage individuals to save for retirement. Now we have IRAs that can also be used for education, first home purchases and medical expenses.

Eastern Michigan Bank offers Traditional IRAs, Roth IRAs and Coverdell Education Savings Accounts or CESAs. Contact an Eastern Michigan Bank Customer Service Representative for more information about any of our IRA products. (The rules and restrictions governing IRAs are many; check with your tax advisor for the benefits of an IRA in your specific situation)
Contribution Eligibility
Anyone who is younger than age 70 ½ for the entire year and has compensation or is the spouse of someone who has compensation. Contribution deadline is individual's tax filing due date, excluding extensions.

Distributions must begin at age 70 ½. Failure to take a required minimum distribution will result in a 50% excise tax assessment on the undistributed amount.
Roth IRAs are nondeductible accounts that are free from federal income taxes for certain distribution reasons after a five year holding period. They are generally treated in the same manner as the Traditional IRA.