Investments
We offer a variety of investment products to help you reach long-term financial objectives. Unlike investments offered by non-bank investment companies, our products offer the security of FDIC insurance. Special rates apply for Randolph Rewards customers.
- CDs
- Certificates of deposit (CDs) are term investments with maturities ranging from 7 days to 60 months. The minimum opening deposits vary depending on the particular CD, but they can be as low as $100. In most cases, rates are fixed for the term of the CD. Randolph Rewards customers qualify for special rates on all term CDs. In addition to the standard term CDs, Randolph National Bank offers the following CDs with special features:
24-Month Variable Rate CD - With a term of two years, this product has two special features. First, the rate of interest paid is tied to the 90-day Treasury Bill rate, so the CD pays a competitive market rate. Secondly, this product allows additional deposits of $250 or more.Small Saver CD - is a 12-month Certificate of Deposit with an opening deposit of just $100. Plus, you can add to the principal balance of this CD at any time, with deposits of at least $25. The Small Saver CD is available exclusively to Randolph National Bank checking account customers, and it automatically qualifies you for the free Randolph Rewards Club services.
Bump Up/Step Up CDs - allows you, at any time during the term of your CD, to exercise a one time right to increase the rate to the current "Bump Up/Step Up CD" rate. The new bumped rate will be effective the day you notify us of the change, and it will remain in effect until the CD's maturity date.
Cash 'n Carry CD - With this flexible CD, you pick a term between 18 and 24 months, and you have the flexibility to withdraw up to 24% of the principal during the term of the certificate without penalty. There is a $1000 minimum deposit.Certificates of deposit are term investments, with penalties for early withdrawal of principal in most cases.
- Money Market Account
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- Savings account with limited check-writing and transfer privileges
- No monthly service charge if $1000 minimum monthly balance is maintained
- Up to six withdrawals or transfers by means of check, or pre-authorized or automatic transfer, during a monthly cycle
- Accessible Investment Account
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- Competitive interest rate
- No monthly service charge
- One free withdrawal transaction during a monthly cycle*
- IRAs
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Randolph National Bank offers Traditional, Roth and Coverdell Education IRAs. The IRAs are Randolph National Bank are structured similar to Certificates of Deposit. You should contact your accountant or financial advisor with specific questions about the benefits and tax implications of these accounts.
Traditional IRA
- Invested funds grow tax-deferred until withdrawal.
- Through the power of compounding, interest is earned on the original investment and on accumulated interest.
- At retirement, withdrawals are taxed as ordinary income.
- Generally, contributions to a Traditional IRA are tax deductible. Check with your accountant or financial advisor about your particular situation
Roth IRA
- This IRA is funded with after-tax dollars, allowing your investment to grow tax-free.
- Through the power of compounding, interest is earned on the original investment and on accumulated interest.
- At retirement, qualified withdrawals can be made tax-free or after a five-year holding period, qualified distributions are tax-free.
Coverdell Education IRA
- The Education IRA is a tax-advantaged investment funded with after-tax dollars that allows parents or families to save for a child’s education.
- Through the power of compounding, interest is earned on the original investment and on accumulated interest.
- When funds are withdrawn to pay for qualifying higher education expenses, they are tax-free.
Deposit accounts are FDIC insured. Please review "Questions & Answers About Your Insured Deposit with the FDIC" brochure to determine your coverage. The brochure is available in our offices or at the FDIC website.