Individual Retirement Accounts (IRAs)

Individual Retirement Account (IRA)

Rates

As the author of your own story, be sure you’ll have what you need to make it a masterpiece. Plan confidently with an IRA.

Key Features

  • Competitive Dividends
  • Tax Advantages*
  • No Setup or Maintenance Fees
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  • Competitive dividends above standard savings rates
  • Traditional IRA, Roth IRA, and Coverdell ESA options available
  • Share Certificates and/or Share Savings options available
  • No setup fees
  • No monthly or annual maintenance fees
  • $5 minimum deposit to open for Share Savings

When do you want to enjoy your tax advantage? A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at the time of retirement.

Traditional

  • No income limits to open
  • No minimum contribution requirement
  • Contributions may be tax deductible on state and federal income tax1
  • Earnings are tax-deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70½

Roth

  • Income limits to be eligible to open Roth IRA3
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty2
  • No mandatory distribution ages
  • No age limit on making contributions as long as you have earned income

1Subject to some minimal conditions. Consult a tax advisor.

2Certain exceptions apply, such as healthcare, purchasing first home, etc.

3Consult a tax advisor.

The Coverdell Education Savings Account is a great way to set aside funds now for future education expenses and earn tax-free interest until the beneficiary needs it.

  • Set aside funds for your child's education
  • No setup or annual fee
  • Dividends grow tax-free
  • Withdrawals are tax-free and penalty-free when used for qualified education expenses1
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply2
  • Contributions are not tax deductible
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time he or she turns 303
  • The ESA may be transferred without penalty to another member of the family

1Qualified expenses include tuition and fees, books, supplies, board, etc.

2Consult your tax advisor to determine your contribution limit.

3Those earnings are subject to income tax and a 10% penalty.

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