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retirement / Education planning

Individual Retirement Accounts

Planning for your retirement may be the most important financial decision that you make. Let our IRA specialist help you set up an Individual Retirement Account (IRA) today. For the year 2016 individuals may contribute a maximum of $5,500. For the year 2017 the maximum contribution is $5,500. (For those individuals age 50 or older during the year, there is an additional $1000 catch-up contribution allowed for that year.) There are two types of IRA plans available to the depositor:

  • Traditional IRA - for individuals with income from wages who are under age 70½ during the entire year. Contributions may be tax deductible; earnings are tax deferred.
  • Roth IRA - for individuals with income from wages (certain income limits apply). Contributions are not tax deductible; earnings are tax deferred and may be tax free.

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Features

  • FDIC Insured
  • Many Investment Options 0-6 years
  • No Annual Fees
  • Open account with as little as $10
  • Periodic Automatic Transfers Available

Rates

Rates depend upon the type of investment selected please refer to the rate sheet for current rates.  Interest is compounded daily and credited monthly.  Interest payments are rounded to the nearest cent. As a result, low balance accounts may not be paid interest.

Process

All IRA accounts are managed by the IRA Dept. An application to participate and beneficiary designation form are required for all new plans. Please contact the IRA Dept. with any questions concerning these products.

*Customers must contact their tax advisor to determine eligibility and tax deductibility.

  Education Savings Account (ESA)

A Coverdell Education Savings Account (ESA) is a deposit account established for the qualified education expenses of a designated beneficiary. The maximum annual contribution is $2,000 and distributions used for the designated beneficiary's qualified education expenses are tax free*.

Features

  • FDIC Insured
  • Many Investment Options 0-6 years
  • No Annual Fees
  • Open account with as little as $10
  • Periodic Automatic Transfers Available

Rates

Rates depend upon the type of investment selected please refer to the rate sheet for current rates. Interest is compounded daily and credited monthly.  Interest payments are rounded to the nearest cent. As a result, low balance accounts may not be paid interest.

Process

All ESA accounts are managed by the IRA Dept. An application to participate and beneficiary designation form are required for all new plans. Please contact the IRA Dept. with any questions concerning these products.

*Customers must contact their tax advisor to determine eligibility and tax deductibility.

 

Simplified Employee Pension

A Simplified Employee Pension (SEP) is a plan wherein an employer can make a contribution to each eligible employee's Traditional IRA (including his or her own Traditional IRA if self-employed). Any tax deductions apply to the employer. The tax deferred earnings apply to the employee.

SEP IRA - a Simplified Employee Pension Plan. Contributions are made by the employer and are deposited to each eligible employee's Traditional IRA. Prior to adopting a SEP plan an employer must make sure that they are eligible to do so.

Features

  • FDIC Insured
  • Many Investment Options 0-6 years
  • No Annual Fees
  • Open account with as little as $10

Rates

Rates depend upon the type of investment selected please refer to the >rate sheet for current rates.  Interest is compounded daily and credited monthly. Interest payments are rounded to the nearest cent. As a result, low balance accounts may not be paid interest.

Process

All SEP accounts are managed by the IRA Dept. An application to participate and beneficiary designation form are required for all new plans. Please contact the IRA Dept. with any questions concerning these products.

*Customers must contact their tax advisor to determine eligibility and tax deductibility.

 

 

For more information please contact us or visit one of our branch locations to open an account.
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