Savings & CDs /

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 set-up 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
  • Contribution Limits and More Info
  • 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
*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
  • Contribution Limits and More Info
  • 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  • Principal contributions can be withdrawn without penalty*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**
  • FDIC insured
  • $500 minimum deposit to open
*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
*Qualified expenses include tuition and fees, books, supplies, board, etc.
**Consult your tax advisor to determine your contribution limit.

Ready to get started? Apply for your account today!