Certificates of Deposit (CD)
Lock in a better savings rate* when you open a certificate of deposit. Bay offers 3-month, 6-month, 12-month, and 36-month certificates.
Call us today to open a CD.
*An early withdrawal penalty may be assessed for early maturity based on the term.
Youth CDs
Money Market
Individual Retirement Account (IRA)
Bay offers both traditional and Roth IRAs to help you build a path toward a relaxing retirement. These two types of IRAs are similar, with the biggest distinction being how they’re taxed.
Roth IRAs
Roth IRAs are funded with income that has already been taxed. A Roth IRA allows tax-free withdrawals provided certain conditions are met.
- Roth IRAs are best when you think your taxes will be higher in retirement than they are right now.
- The annual amount you can contribute changes periodically. Check with your tax advisor for current contribution limits.
- A Roth IRA is not available to people earning more than a specified annual income. Check with your tax advisor for current income limits.
- Contributions are not tax-deductible.
Call us today to open an IRA.
Traditional IRAs
Traditional IRAs are funded with income that has not been taxed yet. The IRS assesses income taxes on the money when it is withdrawn.
- Traditional IRAs are best when you think the taxes you are paying right now are higher than the taxes you will pay during retirement.
- The annual amount you can contribute changes periodically. Check with your tax advisor for current contribution limits.
- Required minimum distributions (RMDs) must begin at age 72.
- Anyone with earned income is eligible to open a traditional IRA.
- Contributions are tax-deductible.
Call us today to open an IRA.
