Personal > Checking & savings > CDS, CDARS, & IRA

Certificate of Deposit (CD)

Certificate of Deposit (CD)

You can receive higher interest rates than many other savings products with flexible terms ranging from 90 days to 5 years by purchasing a Vision Bank CD. There is no fee to open a CD, and most accounts are FDIC insured up to $250,000.

Ready to open a CD, IRA or CDARS at Vision Bank? Stop by and open your account today at one of our convenient locations or give us a call at (888) 332-5132 to learn more.

Certificate of Deposit Account Registry Service (CDARS)

The most easy and convenient way to enjoy FDIC insurance for deposits over $250,000. With CDARS, you can receive up to $50 million in FDIC protection through Vision Bank. There are few guarantees in life - FDIC insurance is one of them. CDARS can be a valuable cash management or longer-term investment tool for you or your business.

Individual Retirement Accounts (IRA)

This is a personal savings plan that offers customers tax advantages to set aside money for retirement. We offer the Traditional IRA, Roth IRA, or SEP IRA. All of our IRAs are invested in a Certificate of Deposit with terms ranging from 6 months to 5 years.

  • Traditional IRA: Save for retirement with tax-deductible donations.
  • Roth IRA: Remain in the same income tax bracket (or higher) upon retirement because you pay your taxes on the front-end by contributing after-tax dollars.
  • SEP IRA: Simplified Employee Pension accounts allow employer or employee contributions into an account for company employees that may be tax-deductible by the employer.

What to bring with you when opening a CD or CDARS

If you are a new customer to Vision Bank you will need:

  • One (1) form of valid government issued photo identification - Driver's License, State issued ID, Passport, etc.
  • $1000 opening deposit

If you are an existing customer of Vision Bank you will need:

  • One (1) form of identification.
  • $1000 opening  deposit

What to bring with you when opening an IRA

If you are a new customer to Vision Bank you will need:

  • One (1) form of valid government issued photo identification - Driver's License, State issued ID, Passport, etc. 
  • $200 opening deposit 

If you are an existing customer of Vision Bank you will need:

  • One (1) form of identification.
  • $200 opening  deposit

What's the Difference Between a Traditional, Roth or SEP IRA?

Contributions made to a Traditional IRA are tax-deductible on both state and federal tax returns for the year you make the contribution. Once you are retired, withdrawals from your IRA account are taxed at ordinary income tax rates. Roth IRAs provide no tax breaks for contributions, but earnings and withdrawals are generally tax-free. SEP IRAs are typically set up by an employer, or by someone who is self-employed, allowing the employer to make contributions. These contributions receive a tax deduction for the employer and the employee is not taxed on them, though the employee will be taxed upon withdrawal at their income tax rate.

How Does CDARS Work?

Rather than manually opening savings accounts in different banks on your own, you can make one large deposit at Vision Bank. Once this is complete and you have disclosed the financial institutions where you already have deposits, the CDARS network will divide your initial deposit sum into smaller amounts. These divisions cannot exceed $250,000 over the lifespan of the CD. These divided funds then become CD accounts at other member institutions across the country. However, Vision Bank will still receive the total amount of your deposit to utilize for local lending purposes.

How Does CDARS Work?

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