Certificates of Deposit (CDs)

Bank of Zumbrota has standard CDs with terms of 91 days, 182 days, 12 months, 24 months, 36 months, 48 months, 60 months AND three additional specialized CDs:

Inflate Your Rate CD

Our 24-month Inflate Your Rate CD is designed to help you out when rates are on the increase. It gives you the opportunity to increase your rate one time during the term of the CD. You can also make a deposit to your CD when you increase your rate. Once you increase your rate, you will earn the new higher rate of interest on all of the money in your CD until it matures. 

Account Features:

  • $3000 minimum deposit to open
  • You may make one deposit during the term of no more than the original investment amount
  • 24-Month term
  • Automatically renewable 
  • Interest compounds quarterly 
  • Interest is paid quarterly (paid to the CD, BOZ checking or savings account, or receive an interest check) 
  • There may be a penalty for early withdrawal 
Triple Play CD

Our 36-Month Triple Play CD makes sense for customers who want to combine several CDs that mature at different times. During the 36-Month term, you may make up to 3 deposits in increments of at least $3,000 and still continue to earn the initial interest rate. This is a real benefit if you have additional funds to invest during a time of decreasing rates!

Account Features:

  • $3000.00 minimum deposit to open 
  • 36-Month Term 
  • Automatically renewable 
  • Interest compounds quarterly 
  • Interest is paid quarterly (paid to the CD, BOZ checking or savings account, or receive an interest check)
  • You may make 3 deposits during the term of at least $3,000 each. The maximum amount of the 3 deposits combined cannot be more than the original investment amount
  • There may be a penalty for early withdrawal 
Young Savers CD

Uniform Transfer to Minors Act (UTMA) allows an adult to give money to a minor without having a complicated trust agreement drawn up. These funds can be deposited into our Young Savers Certificate under the child's name and social security number. 

Open a Young Savers Certificate for as little as $300.00 with the option of making one or two deposits of at least $150.00 each year*. 

*A 12-month period, based on your CD opening date.


Individual Retirement Accounts (IRAs)

Traditional IRA

The Traditional IRA is an account that allows you to defer taxes on the earnings on your contributions until they are withdrawn. Also, certain contributions are tax deductible in the tax year for which they are made. 

Roth IRA

The Roth IRA allows only nondeductible contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, people who expect to be in a higher tax bracket when they retire may benefit more from a Roth than from a Traditional IRA.

Want the straight answers about Roth? Here They Are

Which type of IRA is best for me? Find Out Here


With Bank of Zumbrota's IRAs, your retirement funds are safe and insured up to $250,000 by the FDIC!


View Current CD & IRA Rates