CDs and IRAs

A CD offers a predictable way to grow your money with higher interest rates than a traditional savings account. With a range of term options and full FDIC insurance, it's a safe and reliable way to invest your funds.

Features

• Minimum deposit for terms under three months is $2,500
• Minimum for terms equal to or greater than three months is $1,000
• Interest rates vary based on the term selected
• Fully insured
• Penalty incurred for withdrawing funds before the term has expired

For current CD rates, check out today’s interest rates or talk to a Chemung Canal Savings Specialist today.

Building a retirement fund? An IRA savings account provides a secure way to grow your retirement savings with tax advantages and competitive interest rates. Choose a term that works best for your needs.

Features

• Minimum deposit to open an IRA account is $1,000. Please note: the minimum deposit for the 18-month variable interest rate account is $100
• Interest rates vary based on the term selected
• Fees could reduce earnings on the accounts
• Tax benefits
• Penalty may be incurred for withdrawing funds before the term has expired

For current IRA rates, check out today’s interest rates or speak with a Chemung Canal Savings Specialist today.

Minimum daily balance (amount of principal in the account daily) to obtain the stated annual percentage yield is $1,000, except for the 18-month variable interest rate account, which is $100.

An IRA Money Market Account (IMMA) lets you take advantage of tax benefits while enjoying the flexibility of a Money Market Account, giving you a balanced approach to long-term savings.

Benefits and Features

• This is an open-end IRA product that allows deposits and withdrawals without a bank penalty
• $100 minimum to open account; minimum balance to earn interest is $1,000. Rates will equal the standard Personal IMMA account rates. Based on Reg. D requirements (may only perform up to 6 withdrawals per month)
• Tax benefits
• Checks not issued with this product
• Deposits can be made at any time

For current IRA Money Market Account rates, check out today’s interest rates or speak with a Chemung Canal Savings Specialist today.