IRAsIndividual Retirement Accounts

If you are concerned about saving enough money to meet your financial needs in retirement, you can choose from a full range of IRAs with competitive rates and flexible options to meet those needs. We offer fixed-rate and variable rate IRAs, a variety of payout options and the
opportunity to make additional contributions.

Individual Retirement Account (IRA)

Individual Retirement Account
  • Must have earned income
  • Annual or periodic contributions allowed
  • Choice of terms for your investment, fixed or variable rate
  • Contributions are allowed up to the tax filing date, excluding extensions
  • Tax-free rollovers and transfers*
  • No setup or annual service charges
  • Various payout options for owners and beneficiaries

*Consult your tax advisor or financial planner for more information.

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Traditional IRA

 

Traditional IRA

If you’re under 70 ½ years of age, consider the Traditional IRA. Contributions are tax-deductible (subject to certain Modified Adjusted Gross Income limitations) and interest earned is tax-deferred. Enjoy penalty-free distributions after age 59 1/2. You can actually get penalty-free distribution to pay certain higher education expense or for first-time home purchases.

  • Limited to individuals under 70½ years of age
  • Tax-deductible contributions subject to Modified Adjusted Gross Income (MAGI) limitations.
  • Interest is tax-deferred
  • Penalty-free distributions at age 59½, higher education expenses or first-time home buyer (additional reasons apply), death, and disability.
  • Mandatory distribution requirements begin at age 70½

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Roth IRA

 

Roth IRA
  • No age requirements
  • Contributions subject to Modified Adjusted Gross Income limitations
  • Qualified distributions are penalty and tax-free if funds meet a five year holding period at age 59½ or first time home buyer
  • No mandatory distribution requirements

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Coverdell Education Savings Account (CESA)*

 

Coverdell Education Savings Account
  • Used for qualified primary, secondary, and higher education expense
  • Contributor must meet MAGI limitations
  • Designated beneficiary must be under 18 years of age
  • Funds must be distributed by age 30
  • Unused funds may be rolled over to other qualifying family members

*Formerly referred to as Education IRA.

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