Wolverine Bank CDs and IRAs Offer High-Yields and Flexible Terms
Our Certificates of Deposits offer guaranteed yields, flexibility, and the safety of FDIC insurance. Wolverine Bank has been rated in the top 1% of banks nationally for over 20 years for safety and soundness making your investments as safe and secure as anywhere in the world. You can lock into a high yield that's guaranteed from the day you open the account until the day it matures. You know exactly what return you'll get and when you'll get it.
There's A CD That's Right For You.
We offer Certificates of Deposit in a broad range of maturities, each designed with a particular goal in mind. For as little as $500, you can open a CD. We pay higher interest rates for higher balances. Our current tiers are at $20,000, $50,000, and $100,000.
We also offer short term certificates, usually up to 6 months, offer you the fastest access to your money; medium-term certificates generally offer you higher yields than shorter CDs; long term certificates are perfect if you have a long-term outlook with maturities of 3 years to 10 years and tend to reward you with the highest yields we have to offer.
If you are interested in a CD rate, you can request a rate quote today from one of our customer service representatives or call (800) 968-4280 for more information.
Guaranteed Raise CD.
Looking for options to make your money work harder for you?
Our Guaranteed Raise CD provides an alternative to traditional CDs by offering you 3 guaranteed rate increases, over a 3 year period, and the flexibility to withdraw funds after each 12 month interval with no penalty. This investment offers the security of fixed interest rates with penalty free withdrawal options.
Advantages of our Guaranteed Raise CD include:
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Low opening balance - $1,000
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Rate increases each year
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Flexibility to withdraw funds after each 12 month interval with no penalty
You win no matter what!
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If market rates increase, you can withdraw your money at the end of each 12 month period and place it into a higher rate product
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If market rate decreases, you keep your money in the Guaranteed Raise CD and your rate increases
Don't Leave Your Retirement to Chance!
Whether you’re retired, thinking about retirement, or concerned about what the stock market is doing to your 401(k), Wolverine has the financial strength to guarantee the preservation of your retirement funds. Call (989) 631-4280 today to start a new IRA contribution or to rollover your current nest egg.
You might also be able to save on your present taxes with an Individual Retirement Account, by deducting your qualified contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether you're an active participant in an employer sponsored plan as defined by the Internal Revenue Service.
With an Individual Retirement Account, you may also be able defer taxes until you retire when you will probably be in a lower tax bracket. The chart below shows you how much you may be able save each year. You may want to consult your tax advisor to review the tax deductible status of an IRA. Regardless of the amount you'll be able to save now on taxes, an IRA is a smart way for you to save for a secure retirement.
IRA Tax Savings Potential Chart
|
IRA Deductible Contribution Amount |
15 % Tax Bracket Savings |
28 % Tax Bracket Savings |
31 % Tax Bracket Savings |
36 % Tax Bracket Savings |
39.6 % Tax Bracket Savings |
|
$ 500 |
$ 75 |
$ 140 |
$ 155 |
$ 180 |
$ 198 |
|
$ 1,000 |
$ 150 |
$ 280 |
$ 310 |
$ 360 |
$ 396 |
|
$ 2,000 |
$ 300 |
$ 560 |
$ 620 |
$ 720 |
$ 792 |
|
$ 2,250 |
$ 337 |
$ 630 |
$ 697 |
$ 810 |
$ 891 |
|
$ 4,000 |
$ 600 |
$ 1,120 |
$ 1,240 |
$ 1,440 |
$ 1,584 |
Changing Employers?
An IRA Rollover makes sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer's retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a "direct rollover" of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover.
Saving for your child's education?
The Coverdell Education Savings Account (CESA) is a great way to invest in your child's future. By establishing a CESA account you are able to save for their elementary, secondary and college education costs, as well as things like tuition, fees, books, and supplies. Unique to elementary and secondary costs, other qualified expenses also include uniforms, transportation, and computer technology, equipment, or internet access.
What is a Coverdell Education Savings Account (CESA)?
The Coverdell Education Savings Account is a nondeductible account that features tax-free withdrawals for a very specific purpose - a child's education expenses.
These accounts were formerly known as Education individual retirement accounts (IRAs), and at first glance, a CESA may look similar to traditional or Roth IRAs. Higher education distributions are also permitted from these accounts, but while qualified higher education distributions from a traditional or Roth IRA are only penalty tax free, the same distrubtions from a CESA are penalty free and federal income tax free. Consult your tax or legal professional for further information regarding state or local income taxes.
Who can contribute to a CESA?
You are eligible to contribute if your modified adjusted gross income (MAGI) does not exceed certain limits (see tables below).
There are no compensation requirements or age restrictions for contributors. They do not even need to be related to the child they are contributing for. Contributors can be nonindividuals like corporations or tax-exempt organizations. Theses entities have no MAGI restrictions.
Single Filers
|
MAGI of |
MAGI Between |
MAGI of |
|
Full Contribution |
Partial Contribution |
No Contribution |
Married, Joint Filers
|
MAGI of |
MAGI Between |
MAGI of |
|
Full Contribution |
Partial Contribution |
No Contribution |
How do I open a CESA Account?
Contact any one of our Wolverine Bank customer service representatives at (989) 631-4280 or (800) 968-4280. We'll be happy to further explain the nature of these accounts and help you start saving for your child's future today!
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