Individual Retirement Accounts (IRA)

Individual Retirement Accounts (IRA)

The time to plan for the future is now! An Individual Retirement Account (IRA) is a wonderful way to begin saving for your retirement or education expenses, while reducing the taxes you pay on the money you save.

You can open a new IRA account (Traditional or Roth), Coverdell Education Savings Account (CESA), or transfer an existing IRA to us. Get started today!



Summary
  • Tax-advantaged retirement savings*
  • Competitive rates
  • Traditional, Roth IRAs, or Coverdell accounts available
  • No setup or administrative fees
  • No monthly or annual maintenance fees

*Consult a tax advisor.


Traditional vs Roth

Talk to your CPA or accountant to see which would best benefit you, based on your tax situation.

Traditional IRA

  • No income limits to open
  • No minimum contribution in any year
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59½**
  • Early withdrawal penalty may apply
  • Mandatory withdrawals at age 70½

Roth IRA

  • Income limits to be eligible to open Roth IRA
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59½**
  • Early withdrawal penalty may apply
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Subject to some conditions. Consult with a tax adviser.

**Certain exceptions apply, such as healthcare, purchasing first home etc.




Educational

Saving for your little ones' education expenses with a Coverdell Education Savings Account (CESA), formerly Educational IRA. Talk to your CPA or accountant about your tax advantages.

  • Save to fund your children's education
  • No setup or annual fee
  • Dividends grow tax-free
  • Withdrawals may be tax-free when used for qualified education expenses*
  • Designated beneficiary must be under 18 when contributions are made
  • Maximum annual contribution per child apply*
  • Contributions are not tax deductible
  • Certain income limits apply for contributions*

*Subject to some conditions. Consult a tax advisor.