sav321Certificates of Deposit

Safety and security reign supreme with these popular fixed rate investment vehicles. Certificates of Deposit take a set dollar amount that you specify and depending on how long you select, we will guarantee to pay you a certain rate the entire time selected. This rate will be disclosed to you at the time of your deposit.  First National Bank of McHenry Certificates of Deposit have long been known to offer you some of the most competitive rates in the area as well as the security of knowing your deposit is insured by The Federal Deposit Insurance Corporation. Sorry, as a policy we do not match rates from other banks, however, we have found over the years it is our rates that are being matched at other institutions. If you’re looking for a fair rate, and fair renewal rates, look no further than First National Bank of McHenry.  We offer a variety of terms – anywhere from 7 days to 5 years. Options include …

Depending on the term of your certificate, interest is compounded daily and paid quarterly by either deposit back into the certificate, deposit to another account with us, or (depending on the dollar amount) mailed to you by check.  Be sure to check on the current investment rates link for up-to-date rate information.

All certificates are opened as automatically renewable, which affords you the flexibility of ten grace days (one grace day if the term is less than 30 days) after your initial term to make deposits, withdrawals, or make other changes to the certificate.

Whatever your financial objectives are, long or short term, be sure to check with one of our customer service representatives during regular lobby hours at any one of our locations so we can help you select the best certificate to meet your needs.

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Advantage Certificate of Deposit

It’s the Certificate of Deposit Special that lasts all year!! If you’re a member of our special Advantage Plus or Advantage 55 Plus Checking Programs, this is the Certificate of Deposit that’s always here for you. With just a minimum deposit of $500, the Advantage Certificate of Deposit brings its members a more attractive and higher yield for your investment dollar. See the current investment link for current rate information.

Pay-As-You Go Certificate of Deposit

If you're in need of a savings program that offers you the ability to save money in small amounts, and offer you a rate substantially higher than a savings account, be sure to check out First National Bank of McHenry’s Pay-as-you-Go Certificate of Deposit. With just a $50 opening deposit, the Pay-as-you-Go Certificate allows you to contribute amounts of $25 or more as often as you wish during the initial 182 days. You will see a rate comparable to the 182 day Certificate of Deposit rate. By combining the flexibility of a comfortable payment schedule and a great rate, the Pay-as-you-Go Certificate is built to help you meet your financial goals in small amounts.

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Individual Retirement Accounts


IRAs can be very complicated financial instruments. The following information is intended to make you aware of products The First National Bank of McHenry offers as part of its Retirement Planning package. Specific advice in regards to your personal situation should be directed to a competent tax advisor who is aware of your entire financial portfolio.  NEGG321 


Traditional IRA

It’s never too early to be thinking about retirement. With a First National Bank of McHenry Traditional IRA, the framework for a happy retirement can be laid out today. With both the safety and security of the FDIC and the variety of terms offered, retirement planning is convenient and simple with First National Bank of McHenry. Depending on your income level and whether you are an active participant in another retirement plan, your contribution may be fully or partially tax deductible. Funds deposited into Traditional IRAs accumulate until you are ready for distribution. Appropriate income tax must then be paid on the amount distributed.

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Roth IRA

The Roth IRA offers a remarkable benefit not allowed on any retirement account before: totally tax-free growth. Unlike traditional IRAs and other qualified retirement plans that are only “tax deferred” (they grow tax free but you eventually pay taxes on your accumulated earnings at retirement), the Roth IRA is the first retirement account that is totally tax-free. This means you never have to pay taxes on your growth, before or after retirement. (As long as you are 59 ½ years old and have held the account for at least 5 years. There is a 10% penalty tax on withdrawals before 59 ½, unless an exception applies.) As with all First National Bank of McHenry investment products, funds held in your Roth IRA are FDIC insured. Contributions to a Roth IRA are not tax deductible - but are available to many people – including high income individuals.

Coverdell Education Savings Accounts

Also known as the Education IRA, the Coverdell Education Savings Account was designed to set money aside for educational purposes. Contributions, though not tax deductible, are placed on deposit specifically as a gift to the designated beneficiary generally under the age of 18. Earnings on the deposit accumulate in a tax free environment provided distribution is made for the purpose of higher education expenses, which may also include qualifying elementary and secondary school expenses. Your yearly per beneficiary contribution amount is determined on your adjusted gross income and your tax filing status.

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