Savings & Certificates

Individual Retirement Accounts (IRA)

There's no better time to start preparing for the future than the present. That means now is the time to start thinking about retirement. We can help you get started with a variety of savings options specifically designed to provide you the easy and relaxing retirement you deserve.

We offer different tax-advantaged choices that provide a safe return on investment. Get started with the right plan for you today, so the only thing you'll have to worry about in the future is finding the perfect spot on your favorite fishing pier.

Summary
  • Tax-advantaged retirement savings*
  • Competitive dividends above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,500 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to open IRA certificates of deposit
  • $500 minimum deposit to open certificates of deposit

IRAs – Growing Your Savings During Every Stage of Life

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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
  • Must have earned income and be under age 70½ to make contributions
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Penalty free withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

Roth IRA

  • 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  • Principal contributions can be withdrawn without penalty*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 dividends can begin at age 59½
  • Early withdrawals on earnings subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

Roth IRAs – Answers to Your Questions

Traditional IRAs – Answers to Your Questions

Roth IRA vs. Traditional IRA – Exploring Your IRA Options

*Subject to some minimal conditions. Consult a tax advisor.

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

***Consult a tax advisor. 

Coverdell Education Savings

Create less financial restraints by setting aside for your child's education early with a Coverdell Education Savings Account (ESA). And take advantage of a tax-free safe place to grow competitive dividends at the same time.

  • Set aside funds for your child's education
  • No setup or annual fee
  • Dividends grow tax-free
  • Withdrawals are tax-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 CESA can also be rolled over without penalty to another member of the family
  • No minimum deposit to open
  • NCUA insured

Coverdell Education Savings Accounts – Answers to Your Questions

*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.