CDs & IRAs

Certificates of Deposit

Certificates of deposit are accounts that you agree to keep on deposit for a predetermined length of time. In return, Think offers an interest rate that is higher than a regular savings account. CDs can be used to save for any financial goal, long or short term.


  • Options from 3 months to 5 years.

Minimum deposit

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


  • Compounded and credited quarterly on most CDs. Interest on some CDs compounds monthly or at maturity.
  • Interest paid during the term of an account can be withdrawn without penalty. Interest renewed into a new account becomes part of the principal balance and is subject to penalty if withdrawn.
  • The annual percentage yield (APY) we advertise is based on the assumption that interest will remain in the account until maturity.
  • Interest is calculated using the daily balance method, which applies a daily periodic rate to the account each day.

Fees and rates

Additional deposits

  • Additional deposits can be made 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.


  • Certificates of deposit and all other deposit accounts at Think are FDIC insured.

Individual Retirement Accounts (IRAs)

IRAs are special accounts created specifically for retirement. There are two main types of IRAs, traditional and Roth. Traditional IRAs may allow for an immediate tax benefit. Roth IRAs typically allow for tax-free growth.

Traditional IRAs

  • To contribute, you must be under age 70 1/2 and have earned income.
  • Contribution limits are subject to change yearly by the IRS.
  • Contributions may be tax deductible.
  • Earnings grow tax-deferred.
  • Distributions are required to be taken beginning the year you reach age 70 1/2.
  • Generally, taxes must be paid on all distributions.

Roth IRAs

  • No age limit to contribute, but you must have earned income.
  • Contribution limits are subject to change yearly by the IRS.
  • Contributions are not tax deductible.
  • Earnings grow tax free.
  • Distributions after the initial 5 years are typically tax-free.
  • Distributions are not required.
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Insurance products are offered through Think Insurance (MN license # IA-538), not Think Mutual Bank. Insurance products are not FDIC insured, are not insured by any federal agency, and are not a deposit or guarantee of Think Mutual Bank. This is not a policy. For a complete statement of coverages and exclusions, please see the policy contract.

The financial advisors of Think Financial Planning offer securities and advisory services through Commonwealth Financial Network®, member FINRA/SIPC, a Registered Investment Adviser. Investments are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Funds are subject to investment risks, including possible loss of principal investment. Think Mutual Bank is not a registered broker-dealer or Registered Investment Adviser. Think Mutual Bank and Commonwealth are separate and unaffiliated entities. Fixed insurance products and services offered by CES Insurance Agency, Think Insurance, or Think Financial Planning. Think Financial Planning is headquartered at 5200 Members Pkwy NW, Rochester, MN 55901. Check the background of this firm on FINRA's BrokerCheck.

This information is provided for new customers who live or work in Minnesota, and for existing customers residing in the states of AR, AZ, CA, CO, FL, IL, IN, IA, KS, KY, MA, MD, MI, MN, MO, MT, NM, NV, NY, ND, NC, OH, PA, SD, TN, TX, UT, VA, WA, WI, WY. No offers may be made or accepted from any resident outside of these states due to various state regulations and registration requirements regarding investment products and services.