Individual Retirement Account:
Our IRA’s are fixed rate interest bearing account tied to maturity.
Competitive rates for terms up to five (5) years.
- $500 opening balance requirement
- Roth IRA - a nondeductible account that features tax-free withdrawals for certain distribution reasons after a five year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, people who expect to be in a higher tax bracket when they retire may benefit more from these accounts than a traditional IRA.
- Traditional IRA - an account, which allows you to defer taxes on your earnings until they are withdrawn. Certain contributions are tax deductible in the tax year for which they are made.
- Coverdell (Education) IRA - a nondeductible account that features tax-free withdrawals for a very specific purpose - a child’s higher education expenses.