IRAs

IRAs

IRAs were traditionally used as a tool for retirement, but are now more flexible than ever. We offer Traditional, Roth and Coverdell Education Savings Accounts. Consult your tax advisor for the best option for you. Available for 12, 24 or 36 month terms.

Minimum balance requirement of $500.00
Dividend rates and annual percentage yields vary
All are fixed rate accounts

The Traditional IRA

A Traditional IRA plan offers three basic benefits: security for your retirement years; tax-deferred interest until you withdraw your funds (as early as age 59 1/2); and a possible deduction from annual gross income on your federal income tax return. The maximum contribution per person per year is $5,000. For persons who have attained age 50, the maximum contribution per year is $6,000.

The Roth IRA
Roth IRAs allow participants to make an annual contribution up to $5,000. For persons who have attained age 50, the maximum contribution per year is $6,000. Unlike a traditional IRA, Roth IRAs permit continuing contribution after age 70 1/2, and there is no requirement to begin withdrawal at age 70 1/2. Retirement savers can have both a Traditional and Roth IRA, but combined contributions in any tax year are limited to a total of $2,000.

The Coverdell Education Savings Account
Contributions to Roth IRAs are not deductible from federal income tax; however, as with Traditional IRA accounts, earnings are tax-deferred. Even more beneficial, once the account has been open for five successive tax years, owners may take tax-free distributions if they meet any of the following criteria:

At least age 59 1/2
Become disabled
Use the funds towards a first-time home purchase (lifetime limit is $10,000 per person)
Death results in a distribution to the account beneficiary

Seeing a child work toward a college degree is every parent's dream. If you're wondering how you'll pay for your child's education, a Coverdell Education Savings Account can be a smart way to save. Although contributions to a Coverdell Education Savings Account are not tax deductible, your withdrawals (including earnings) are tax-free if used for tuition, books and other qualified higher-education expenses.

IRA Share Certificate
Works like a regular share savings account, giving you the ability to make deposits at your own pace via cash or Payroll Deduction.

Jumbo IRA Term Share Certificates
Available with a $25,000.00 minimum investment.

"Step Up" IRAs
This IRA product will only be available for a limited time. Although our IRA options all feature fixed rates, our "Step Up" IRA gives you the added advantage of grabbing a higher rate when you see one.

Available for 24 or 36 month terms
Minimum balance requirement of $5,000.00 during the term you may "step up" your rate when you see that rates are on the rise.
Minimum balance of $25.00
Allows payroll allocations or recurring deposits
No early withdrawal penalties
No term limitations
Variable rate of interest
Contributions of $2,000 are allowed for each child per year under the age of 18
Contributions are not tax deductible, but earnings are tax free.
Savings must be used or transferred to another family member’s Coverdell Education Savings Account before the child reaches the age of 30

(NOTE: Any and all transactions, including opening, closing, withdrawing from or depositing to an IRA account must be handled through our Member Services Department. Click here to send a secure message to one of our IRA Account Specialists.)