TYPES OF IRA PLANS
Choose Savings or Certificate of Deposit for these plans.
TRADITIONAL IRA
- Earned income
- Contributions may be tax deductible
- Contributions and earnings tax-deferred
- Required minimum distribution
ROTH IRA
- Earned income
- Contributions are non-deductible
- Earnings are tax free
- No age restrictions for contributions
- No required minimum distribution
SIMPLIFIED EMPLOYEE PENSION (SEP)
- Established by employer
- Higher contribution limits
- Provides retirement benefits for employee
- Qualifies as a tax deduction for employer
- Contributions and earnings are tax-deferred
IRA SAVINGS*
- No set-up fee
- No annual fee
- $100 minimum balance to open
- Interest compounded quarterly
- Interest paid quarterly
- Variable tiered interest**
- Penalty for early withdrawal
*The number of transfers is limited to six per calendar month.
**Variable Rate - The interest rate and annual percentage yield for your account depends upon the applicable rate/tier. The interest rate and annual percentage yield may change at any time at the bank's discretion.