CDs / IRAs

Invest your money in a Certificate of Deposit with First National Bank Mahnomen Twin Valley.  We offer a variety of terms ranging from 91 day to 60 months with competitive rates and you can rest easy knowing your funds are FDIC insured up to the maximum allowable limit.

Talk to one of our personal bankers for more information today!

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Here at First National Bank Mahnomen Twin Valley we offer a Roth IRA savings account and a Traditional IRA savings account.  IRA's allow you to save for your own retirement, with several tax advantages.  That's why, in most cases, you can't withdraw the money from the account without penalties until you reach the age of 59 1/2.  IRA savings accounts offer stable investment opportunities with the peace of mind that comes with knowing your money is secure and federally insured up to $250,000.00.  Consult your tax advisor to see if an IRA savings is right for you.

  Roth IRA

Traditional IRA

Tax Benefits Tax Free Growth
Tax free qualified withdrawals
Tax deferred growth
Contributions may be tax
deductible
Contribution
Eligibility Age
Any age with employment
compensation
Under age 70 1/2 with
employment compensation
Taxation at
Withdrawal
Contributions are always withdrawn
tax free.  Earnings are federally tax
free after the five-year aging
requirement has been satisfied and
certain conditions are met.
Withdrawals of pre-tax contributions
and any earnings are taxable when
distributed.
Required Minimum
Distributions (RMD's)
Not subject to required minimum
distributions during the lifetime
of the original owner.
Required minimum distributions
starting at the age of 70 1/2.
Minimum Opening
Deposit
$500.00 $500.00

Please see your tax advisor to see which product would be best for you.

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Health Savings Accounts are available for individuals enrolled in a High Deductable Health Plan, who have no other first dollar medical coverage, are not enrolled in Medicare, and are not claimed as a dependent on someone else's tax return.  At First National Bank Mahnomen Twin Valley you can open an HSA with no minimum balance, no monthly service charge and no charge for check blanks.  There is a low annual fee of $30.00 to maintain the account.  You have the ability to pay medical bills directly from your HSA account, so you don't have to remember to come into the bank and go through the hassle of filling out paperwork each time you need to transfer.  You will also have the ability to transfer funds from your HSA to your checking account from your Online Banking account.

Call or stop in today to speak with a Personal Banker to find out more information.

Click here for current rates.