Individual Retirement Accounts
Traditional IRA
- Tax deductible contributions (depending on income level)
- Withdraws begin at age 59 ½ and are mandatory by 72.
- Taxes are paid on earnings when withdrawn from IRA.
- Available to anyone that has earned income.
- All funds withdrawn before 59 1/2 are subject to 10% IRS penalty (subject to exception).
Roth IRA
- No mandatory distribution age.
- Available only to single filers making up to $150,000 or married couples making a combined maximum of $236,000 annually.
- Principle contributions can be withdrawn any time without penalty (subject to some minimal conditions).
Certificate of Deposit
- Certificates of Deposit offer a great way to save for the future, a special project, or retirement.
- $1,000 minimum to open.
- Penalties may apply if account is closed.
- Rate negotiations are available based off of profitability.
- Reach out to a banker for more information.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
