It’s never too soon (or too late) to start saving for retirement. We’ll find a plan that works for you.
- No Setup or Maintenance Fees
- Tax Advantages*
- Competitive interest above standard savings rates
- Traditional and Roth IRA options
- No setup charges
- No monthly or annual maintenance fees
- $6,500 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase CDs within IRA
- $500 minimum deposit to open
*Consult a tax advisor.
Traditional vs. Roth
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.
- 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 59½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70½
- 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- Principal contributions can be withdrawn without penalty*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 59½
- Early withdrawals on interest subject to penalty**
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
***Consult a tax advisor.
Coverdell Educations Savings Account (ESA)
- 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 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
- $2,000 maximum annual contribution per child
- The money must be withdrawn by the time he or she turns 30***
- The ESA may be transferred without penalty to another member of the family
*Qualified expenses include tuition and fees, books, supplies, board, etc.
**Consult your tax advisor to determine your contribution limit.
***Those earnings are subject to income tax and a 10% penalty.