Individual Retirement Accounts (IRAs)

Saving for your retirement is always a good idea. Doing so with major tax advantages is even better. Solvay Bank offers tax-advantaged IRAs to meet everyone's needs.

Take advantage of our personal customer service and competitive interest rates. Best of all, with no setup or maintenance fees, there's nothing holding you back from preparing for a secure financial future.


Traditional IRA

Anyone can open a traditional IRA. It offers immediate tax savings in addition to tax-deferred earnings.

  • No setup or annual fees
  • Interest earnings are tax deferred
  • Current income grows tax free
  • Contributions can be deducted from income tax returns*
  • Must be under age 70½ to open
  • $5,500 contribution limit per year (for 2014)
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Withdrawals can begin at age 59½
  • Mandatory withdrawals at age 70½
  • Early withdrawals subject to penalty**
  • FDIC insured
  • $500 minimum deposit to open

Check out our current rates.

*Consult with a tax advisor.

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

Roth IRA

The Roth IRA was created for those concerned with being in a higher tax bracket at retirement. Earnings are tax free at withdrawal, rather than tax deferred. However, contributions are not tax deductible and income limits apply to open a Roth IRA.

  • No setup or annual fees
  • Earnings and principal are 100% tax free upon withdrawal
  • Contributions are not tax deductible
  • $5,500 contribution limit per year (For 2014)
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • No mandatory distribution age
  • Principal contributions can be withdrawn without penalty*
  • Early withdrawals on interest subject to penalty**
  • Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $181,000. You cannot make a Roth IRA contribution if your modified AGI is $191,000 or more. Roth IRA contribution limit is reduced (phased out) if income falls between the amounts listed.
  • Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2014 and your modified AGI is at least $114,000. You cannot make a Roth IRA contribution if your modified AGI is $129,000 or more. Roth IRA contribution limit is reduced (phased out) if income falls between the amounts listed.
  • Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more.
  • FDIC insured
  • $500 minimum deposit to open

Check out our current rates.

*Subject to some minimal conditions.

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

Coverdell ESA

The Coverdell Education Savings Account is a savings plan for those wishing to fund future higher education expenses of a designated beneficiary. The earnings will be tax free if used for qualified education expenses.

  • No setup or annual fee
  • Interest grows 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
  • FDIC insured
  • $500 minimum deposit to open

Check out our current rates.

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

**Consult your tax advisor to determine your contribution limit.