Individual Retirement Accounts (IRA’s)

For those wishing to save for their retirement, we offer Traditional Individual Retirement Accounts and Roth IRAs.

Traditional IRAs

Traditional IRA certificates have a term of 18 months with interest compounded quarterly and credited to the account. Additional contributions are permitted in amounts of $50.00 or greater.

In many instances, a tax deduction is available for the tax year for which the funds are contributed. The contributions as well as the earnings accumulate tax-free until you withdraw from the account. There are no account maintenance fees. Distributions are subject to income tax, generally in the year you receive them and for account holders over 59-1/2 years old, the early withdrawal penalty of 6 months loss of interest is waived.

Roth IRAs

Roth IRA certificates have a term of 60 months with interest compounded quarterly and credited to the account. Additional contributions are permitted in amounts of $50.00 or greater. Contributions are not tax deductible when the funds are contributed but the Roth IRA earnings accumulate tax free and remain tax free when you have a qualified distribution. There are no account maintenance fees. For account holders over 59-1/2 years old, the early withdrawal penalty of 6 months loss of interest is waived.

Detailed information about Individual Retirement Accounts can be viewed at www.irs.gov/prod/forms_pubs/pubs/p590in.htm

The term of each Individual Retirement Account certificate of deposit is 18 months and 60 months for each Roth IRA certificate of deposit. Interest on these IRAs is compounded quarterly and additional deposits to each certificate is permitted. There are no account maintenance fees and the withdrawal penalty of 6 months loss of interest will be waived for account holders over 59-1/2 .

For more information or to open an account, please contact us!