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Individual Retirement Account (IRA)
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Customer PrivacyIt’s never too early to start planning for retirement! We offer the following services to get you on the right track to a financially secure future. Contact us for full details (certain restrictions apply).
- Traditional IRA: allows you to defer taxes on the earnings on your contributions until they are withdrawn. Also, certain contributions are tax deductible in the tax year for which you make them.
- Roth IRA: allows only non-deductible contributions and features tax-free withdrawals for certain distributions reasons after a five-year period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, if you expect to be in a higher tax bracket when you retire, you may benefit more from a Roth IRA than from a Traditional IRA.
- IRA CD: you have control over the term of your investment while retaining all of the benefits of an IRA.
Individual Retirement Accounts
| 3, 6, 12 Month CD | 18, 24, 30, 36, 48, 60 Month CD | IRA/CESA Passbook Savings | |
|---|---|---|---|
Description | 3, 6, 12 Month CD If you are looking for a low-risk retirement savings, a CD may be for you. | 18, 24, 30, 36, 48, 60 Month CD If you are looking for a low-risk retirement savings, a CD may be for you. | IRA/CESA Passbook Savings Contribute to your retirement fund or your child’s education with an IRA savings. |
Opening Deposit | 3, 6, 12 Month CD $100 | 18, 24, 30, 36, 48, 60 Month CD $100 | IRA/CESA Passbook Savings none |
Interest | 3, 6, 12 Month CD Inquire for rate. | 18, 24, 30, 36, 48, 60 Month CD Inquire for rate. | IRA/CESA Passbook Savings Inquire for rate. |
Compounding | 3, 6, 12 Month CD 3- or 6-month: at maturity 12-month: semi-annually | 18, 24, 30, 36, 48, 60 Month CD semi-annually | IRA/CESA Passbook Savings quarterly |
Statements | 3, 6, 12 Month CD yes paper notice at maturity | 18, 24, 30, 36, 48, 60 Month CD yes paper notice at maturity | IRA/CESA Passbook Savings yes paper Annual statement |
Early W/D Penalty | 3, 6, 12 Month CD 90 days' interest on amount withdrawn Penalty waived at age 59.5 | 18, 24, 30, 36, 48, 60 Month CD 182 days' interest on amount withdrawn Penalty waived at age 59.5 | IRA/CESA Passbook Savings none |
Digital Banking | 3, 6, 12 Month CD yes | 18, 24, 30, 36, 48, 60 Month CD yes | IRA/CESA Passbook Savings yes |
Please note:
Individual Retirement Accounts (IRAs) are a special, tax-favored account type that have specific restrictions including, but not limited to, age restrictions and contribution limits. Please take the time to familiarize yourself with these restrictions before opening an account. While some IRAs are housed at banks, the account activity is ultimately between the account holder and the IRS, and not monitored by banks. Excess contributions will likely be flagged during tax filing. Penalties apply. Visit www.irs.gov or see a trusted tax advisor to learn more.
