Individual Retirement Accounts (IRAs)

With age comes wisdom. But waiting until you're a seasoned financial veteran could also mean fewer retirement opportunities for you. Start setting aside right away in one of our retirement options for the post-nine-to-five-future you deserve.

We offer both Traditional and Roth options, each with different associated tax advantages. Plus an option for setting aside for your child's future educational expenses. Benefit from dividends above standard saving, plus something less tangible: the peace of mind you get from knowing your dream retirement is just on the horizon.

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Summary

IRA Share

  • No set-up fees
  • $100 minimum deposit to open
  • Maintain a $100 minimum balance to avoid the monthly service fee
  • Funds can be used to purchase certificates within IRA

IRA Share Certificate

  • No set-up fees
  • Minimum opening deposit
  • $500 under age 26
  • $1,000 age 26 and over
  • At maturity, share certificate funds may be transferred to an IRA share within the IRA.
  • Certificate penalties may apply.

Truth in Savings Disclosure (Shares)

Truth in Savings Disclosre (Share Certificates)

Fee Schedule

Traditional vs. Roth

There are advantages to both Traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions may be tax deductible*
  • Earnings are tax deferred until withdrawal*
  • Withdrawals can begin at age 59 ½*
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 ½
  • Contribution limits are determined annually by the IRS
  • Additional $1,000 "catch-up" contribution allowed for ages 50 and over

Roth IRA

  • Eligibility to open Roth IRA determined by income*
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Contributions can be withdrawn without penalty*
  • Withdrawals on dividends can begin at age 59 ½*
  • Early withdrawals on dividends subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Consult a tax advisor.

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

Coverdell Education Savings Account (CESA)

Create an easier transition into college for yourself and your student by setting up an account early. A Coverdell Education Savings Account (CESA) provides a tax-free safe place to grow competitive dividends and also financial confidence for a new stage in life.

  • Set aside funds for your child's education
  • No setup 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 CESA, certain income limits apply**
  • Contributions are not tax deductible
  • $2,000 maximum annual contribution per child
  • The CESA may be transferred without penalty to another member of the family**
  • The money must be withdrawn by the time he or she turns 30***

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

**Consult your tax advisor.

***Those earnings are subject to income tax and a penalty.