Certificate of Deposit
Bank of Labor’s Regular Term CD lets you save for a specific time period, and can be opened for as little as $1,000. Your fixed rate is based on the term of the certificate and will be locked in for the term of the account.
Account Benefits
- Competitive interest rates compounded quarterly
- Flexible terms from 90 days to 60 months
- Safe investment option
Minimum Requirements
- $1,000 minimum opening deposit
Bump Certificate of Deposit
Our Bump CD account offers an extra element of flexibility. With this account, you may take advantage of higher returns when interest rates rise while you are stuck in the middle of a lower term rate.
Minimum Requirements
- $1,000 minimum opening deposit
Personal Money Market Account
With this account, you have the opportunity to earn competitive interest rates and the flexibility to write checks. If you want to keep a balance of at least $1,000 and earn interest, but retain easy access to your funds, this is the account for you.
Account Benefits:
- Competitive, variable interest rates
- Higher interest paid on higher balances
- Interest accrued daily and credited monthly
- Up to six free transfers per statement cycle
- Imaged checks available ($3 per month)
- $10 monthly maintenance fee waived with $1,000 minimum daily balance
- 24/7 access to your account with Online/Mobile Banking and Telelink
Minimum Requirements
- $1,000 minimum opening deposit
Sterling Money Market Account
Our Sterling Money Market account is designed for high balances starting at $100,000. This elite savings account offers money market flexibility with CD-like rates.
Account Benefits
- Annual percentage yield increases with higher balances
- Interest is accrued daily and credited monthly
- Detailed monthly statements
- Up to six free transfers per statement cycle
- Imaged checks available ($3 per month)
- $15 monthly maintenance fee (waived with $100,000 minimum daily balance)
- 24/7 access to your account with Online/Mobile Banking and Telelink
Minimum Requirements
- $100,000 minimum opening deposit
Traditional IRA
With a Traditional IRA, funds contributed grow tax-deferred and may be tax-deductible. The money you deposit into this account isn’t taxed until you withdraw it. If you take money out of this account before age 59 ½, you will have to pay a penalty in most cases.
Available to persons with earned income or to non-working spouses regardless of age. For maximum annual contribution and tax-deductibility please seek advice from your tax consultant.
Minimum opening contributions, early withdrawal penalty may apply.
Roth IRA
With a Roth IRA, the funds that you contribute are pre-taxed, and any qualified* withdrawal will not be taxed, including earnings.
Available to persons with earned income or to non-working spouses regardless of age, subject to income limitations. For maximum annual contribution please seek advice from your tax consultant.
Minimum opening contributions, early withdrawal penalty may apply.
Rollover IRA
If you have an existing IRA from another institution or employer pension/retirement fund, you can use these funds to reinvest in a Bank of Labor IRA within 60 days.