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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  • Principal contributions can be withdrawn without penalty*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

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

*Consult a tax advisor.