Individual Retirement Accounts (IRAs)
Make real headway toward retirement when you open an IRA, including tax incentives* to help you get there. The sooner you start, the more likely you can retire at a timely age.
Find financial flexibility in your golden years. So you can spend your free time on your terms — not stuck behind a desk to draw a paycheck.
- Tax-advantaged* retirement savings
- Competitive dividends above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- $5,000 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Low $5 minimum deposit to open
*Consult a tax advisor.
- Traditional vs. Roth
Traditional and Roth IRAs both offer unique tax-advantages* to accelerate your retirement saving. What's the difference? Compare below and consult a tax advisor to determine what type of IRA best suits your long-term plans.
- No income limits to open
- No minimum contribution in any year
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70½
- Income limits to be eligible to open Roth IRA
- Contributions are NOT tax deductible
- Earnings are 100% tax FREE at withdrawal*
- Principal contributions can be withdrawn without penalty*
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty**
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
- Coverdell ESA
Start your child down the path to higher education with a smarter way to plan for rising tuition prices. So when the time comes, your student can focus on his or her studies instead of the cost.
A Coverdell Education Savings Account (ESA) earns tax-free* dividends to put towards qualified educational expenses — including tuition, books, board, and more.
- No setup or annual fee
- Dividends grow 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
- NCUA insured
*Qualified expenses include tuition and fees, books, supplies, board, etc.
**Consult a tax advisor.