Individual Retirement Account

Individual Retirement Account

Roth IRA

  • Minimum opening deposit $10.00
  • Tax free withdraws on qualified distributions
  • Maximum annual contributions of $7,500, if income guidelines are met
  • Make-up contribution of $1,100 if over 50 years old
  • No annual fee 

Traditional IRA

  • Minimum opening deposit $10.00
  • Tax deductible if not in a qualified plan
  • Maximum annual contribution of $7,500 
  • Make-up contribution of $1,100 if over 50 years old 

Rollover IRA

  • Funds may be rolled over from a qualified plan or another IRA
  • No annual fee 

Self-Directed IRAs

  • Minimum opening deposit $10.00
  • Annual fee $250.00
  • Inquire within for more information

Coverdell Educational Savings Accounts (CESA Educational IRA)

  • Minimum opening deposit $10.00
  • Tax-advantage accounts to save and pay for education expenses
  • Contributions are not tax-deductible, but earnings grow tax-free and withdrawals are tax-free if used for qualified expenses
  • Qualified expenses include: tuition, books, uniforms, computer equipment, etc. 
  • College students can use for room and board for College as well
  • Maximum contribution of $2,000 per year
  • Beneficiary must be under 18 years old when account is opened, unless they are a special needs beneficiary
  • Inquire within for more information
 

Get in touch CalculatorsView Deposit Rates