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It’s never too early or too late to start securing your retirement. Open an IRA and benefit from special tax advantages.*

Key Features

  • Tax Advantages*
  • Competitive Interest
  • No Setup or Maintenance Fees
  • Save for retirement with special tax advantages*
  • Earn competitive interest at a higher rate than a regular savings
    • Interest paid monthly
  • Traditional and Roth options available
  • Annual contribution limits apply (see current contribution limits; $6,000 as of 2019)*
    • $1,000 annual “catch up” contributions allowed for ages 50 and better
  • No annual fees or set up fees
  • No minimum balance requirements
  • Funds can be used to purchase CDs within the IRA
  • Automatic deposits available to make saving easier ($25 minimum)
  • Federally insured
  • $50 minimum deposit to open

There are advantages to both Traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A Traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty*
  • Mandatory withdrawals at age 70 ½

Roth IRA

  • Prepare for qualified medical expenses
  • 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  • Principal contributions can be withdrawn without penalty*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 59 ½
  • Early withdrawals on interest subject to penalty*
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

Higher education can become a financial burden. A Coverdell Education Savings Account (ESA) is designed to help lighten the load.

  • Set aside funds for your child's education
  • Interest grows tax-free*
  • Withdrawals are tax-free and penalty-free when used for qualifying education expenses*
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply*
  • Contributions are not tax deductible
  • Contributions are allowed regardless of traditional or Roth IRA participation
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time beneficiary turns 30
  • The ESA may be transferred without penalty to another member of the family
*Consult a tax advisor.