Individual Retirement Accounts (IRAs)

If you want tax-deferred earnings and possible yearly tax deductions, take advantage of our Individual Retirement Accounts (IRAs). An IRA is a personal retirement savings plan. It is available to anyone who receives taxable compensation during the year.

We have each of the three types of IRAs.

Traditional IRA:

A Traditional IRA is available to individuals under the age of 70 ½ who have earned income. The earnings for this IRA grow tax deferred until withdrawal.

Roth IRA:

The contributions to this IRA account are not deductable. Money contributed to a Roth IRA is taxable as income in the year it is earned. Taxes are not paid on the earnings if a withdrawal is made as part of a "qualified" distribution.

Coverdell Education Savings Account:

This type of IRA is established to provide funds for the beneficiary to attend a program of education. There is no tax deduction for the contribution, but earnings may be withdrawn tax free and under no penalties if used for the costs of education. The education IRA can be used to pay collegiate costs as well as "qualified" expenses of kindergarten through 12th grade education in public, private, and/or religious schools.

Our Personal Banking Representatives at every branch location can open IRA accounts and answer questions that you may have. The tax laws for IRAs are complex. Consult your financial or tax advisor about choosing the right plan for you and your family.