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Products and Services - Certificate of Deposit and IRA Accounts

Certificates of Deposit and IRA Accounts

CD and IRA Rates

Regular CDs

A certificate of deposit (CD) offers the security of FDIC-insurance while locking into a competitive interest rate for a term you choose.

  • $500 minimum opening balance
  • Terms available from 3 months to 5 years
  • Interest credited quarterly
  • Interest payments and checks are available
  • Non-IRA certificates may be pledged as collateral for a share loan
  • CDs automatically renew

Rising Rate CDs

Offers the option of increasing the interest rate once during the term to our current interest rate being offered at that time

  • $500 minimum opening balance for most terms
  • $10,000 minimum opening balance for 24-month Rising Rate CD
  • Choose a term of 18, 24, or 60 months
  • Interest credited quarterly
  • Interest payments and checks are available

"Freedom" CD

Offers one withdrawal of principal and interest penalty free during the term

  • $500 minimum opening balance
  • 10 month term
  • Interest credited quarterly

"Add To" CD

A great option if you are just building a nest egg or to help your children save

  • $200 minimum opening balance
  • 12 month term
  • Make additional deposits anytime during the term
  • Interest credited at maturity

Coverdell Education Savings Plans

A valuable tool for saving for a child's education

  • Annual contribution limit of $2,000 for each child*
  • Invest the funds in any of our IRA CD terms
  • Tax-free distributions and tax-free earnings*

IRA Accounts

  • Traditional and Roth plans available
  • We can assist you when transferring an IRA or a rollover from a previous employer's retirement plan
Tax Year Under Age 50 Over Age 50
2023 $6,500 $7,500
2024 $7,000 $8,000

Small Business Retirement Plans

  • SIMPLE (Savings Incentive Match Plan for Employees)
  • SEP (Simplified Employee Pension)

* Coverdell Education Savings and IRA contributions may be limited based on income and age restrictions. Seek the advice of a legal or tax professional regarding your specific tax situation.

We will accept deposits from residents of the Eastern Shore of Maryland, Virginia's Eastern Shore and lower Delaware. Please visit any of our branch locations to open an account.

If you would like to receive additional information about these accounts or any services offered at First Shore Federal, please write to us at: PO Box 4248, Salisbury MD 21803-4248 or send us an email.

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First Shore Federal | 106 S. Division St., Salisbury MD 21801 | 410-546-1101
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