IRA Account
An Individual Retirement Account (IRA) is a deposit account that is designed to help individuals save for retirement. For the year 2009 individuals may contribute a maximum of $5,000.  For the year 2010 the maximum is also $5,000.  (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 70-½ 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.

Education Savings Account
An 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:
Accounts are FDIC insured. Available investments include a savings account and various certificates of deposit. The minimum balance required to open a savings account is $10. The minimum balance required to open a certificate of deposit is $500.

Rates:
Click here for current IRA rates.