Retirement Accounts

Fixed Rate and Variable Rate Individual Retirement Accounts (IRAs)

A Fixed Rate IRA has a guaranteed return similar to a CD but with the tax benefits of an IRA. A Variable Rate IRA has the tax benefits of an IRA, but contributions can be made at any time. Additionally, the interest rate on a variable rate IRA can change during the life of the IRA. Distributions can be made on any IRA product but may be subject to taxes and early withdrawal penalties depending on eligibility. 

Features and Benefits

• Many terms and rates are available for the Fixed Rate IRA
• $100 minimum to open the Variable Rate IRA
• $1000 minimum to open (most terms) a Fixed Rate IRA
• No set-up or maintenance fees

Traditional IRA Features and Benefits

• Eligibility: No age limit, but must have eligible income
• Contributions may be tax-deductible*
• Earnings grow tax-deferred
• Withdrawals:
  • Distributions are subject to taxes
  • Prior to age 59½, distributions are subject to an additional penalty tax*
  • Mandatory withdrawals must begin in the year you reach the required age

*Certain exceptions may apply, consult with a tax professional to understand your personal tax situation.

Roth IRA Features and Benefits

• Eligibility: No age limits, but income limits may apply
• Contributions are not tax-deductible
• Withdrawals:
  • Eligible distributions are tax free and penalty free*
  • Early withdrawals may be subject to tax and additional penalty
  • You are not required to take distributions from your Roth IRA. 

*Certain exceptions may apply, consult with a tax professional to understand your personal tax situation.

Rollovers and Transfers

We will gladly assist you with your 401(k) rollover or IRA transfer from another custodian. Bring in your last statement, maturity notice, or rollover paperwork for assistance today.

Coverdell Education Savings Account (formerly Education IRA)

• Contribution eligibility: No age limits, but income limits may apply
• Beneficiary: Must be under 18, need not be a relative
• Contributions are not tax-deductible
• Maximum annual contributions apply
• Withdrawals:
  • Qualified education expenses may be withdrawn without tax or penalty*
  • Earnings distributed due to death, disability or scholarship could be taxable
  • Earnings withdrawn for non-qualified expenses are subject to tax and penalty
  • CESA assets may be eligible for beneficiary transfer
  • Account must be depleted by a certain age

*Consult a tax advisor for all qualified education expenses.