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CDs & IRAs

Saving should feel simple, smart, and totally worth it—and that’s exactly what we’re here for. Certificates of Deposit (CDs) offer a secure way to save by locking in your funds for a predetermined period in exchange for a higher interest rate than regular savings accounts, making them ideal for both short- and long-term financial goals. Individual Retirement Accounts (IRAs), on the other hand, are designed specifically for retirement savings, with two main types: traditional IRAs, which may provide immediate tax benefits, and Roth IRAs, which allow for tax-free growth. Explore these options to enhance your savings strategy and secure your financial future!








Certificate of Deposit (CD)

Ideal for those looking to grow their savings over a fixed term without the risk of market fluctuations.

Individual Retirement Account (IRA)

For individuals looking to combine the benefits of a CD with additional tax advantages.
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CDs & IRAs

Terms
Options ranging from 3 months to 5 years.

Minimum deposit

  • Variable rate: $250 or $10 with automatic transfer
  • Fixed rate: $250
  • Jumbo: $50,000

Interest

Interest is compounded and credited quarterly on most CDs, with some offering monthly compounding or interest at maturity. You can withdraw interest earned during the term without penalty. If interest is renewed into a new account, it becomes part of the principal balance and is subject to penalties if withdrawn. The advertised annual percentage yield (APY) assumes that interest will remain in the account until maturity, and interest is calculated using the daily balance method.

Fees and rates

There are no service fees or sales charges.

View CD & IRA Rates

Additional deposits

You can make additional deposits to existing variable rate CDs.

Early withdrawal penalties

  • 90 days interest on accounts that mature in less than 2 years
  • 181 days interest on accounts that mature in 2 or more years

Security

All Certificates of Deposit and deposit accounts at Think are FDIC insured for your peace of mind.
 

Traditional IRAs

To contribute to a Traditional IRA, you must have earned income. Contribution limits are set by the IRS and may change annually. Contributions may be tax-deductible, and earnings grow tax-deferred. Required minimum distributions must begin in the year you turn 73, and taxes are generally owed on all distributions. Withdrawals before age 59.5 may be subject to penalty.

Roth IRAs

Roth IRAs have no age limit for contributions, but you must have earned income. Contribution limits are also subject to annual changes by the IRS. Unlike Traditional IRAs, contributions to Roth IRAs are not tax-deductible, but earnings grow tax-free. Distributions made after the initial 5 years are typically tax-free, and there are no required distributions during your lifetime. Withdrawals before age 59.5 may be subject to penalty.
 
 
























Questions?

Call us at 1-800-288-3425 or visit a branch office in Apple Valley, Eagan, Edina or Rochester. No appointment needed. 

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