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Rates

Saving for retirement is always a good idea. Competitive interest and tax advantages make it even better.

Key Features

  • Competitive Interest
  • Tax Advantages1
  • No Setup or Maintenance Fees
  • Competitive interest above standard savings rates
  • Traditional IRA, Roth IRA, and Coverdell ESA options
  • No setup fees
  • No monthly or annual maintenance fees
  • Annual contribution limits apply (see current contribution limits)1
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • $500 minimum deposit to open

 1Consult a tax advisor.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70½ 

Roth IRA

  • Income limits to be eligible to open Roth IRA3
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty2
  • No mandatory distribution ages
  • No age limit on making contributions as long as you have earned income

1Subject to some minimal conditions. Consult a tax advisor. 

2Certain exceptions apply, such as healthcare, purchasing first home, etc.

3Consult a tax advisor.

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

  • Set aside funds for your child's education
  • No setup or annual fee
  • Dividends grow tax free
  • Withdrawals are tax free and penalty free when used for qualified education expenses1
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply2
  • Contributions are not tax deductible
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time he or she turns 303
  • The ESA may be transferred without penalty to another member of the family
  • $500 minimum deposit to open

 

1Qualified expenses include tuition and fees, books, supplies, board, etc.

2Consult your tax advisor to determine your contribution limit.

3Those earnings are subject to income tax and a 10% penalty.