INDIVIDUAL RETIREMENT ACCOUNT
Start saving for your retirement and let us help you with a high yield IRA to support your future retirement needs. Initial deposit of $100.00 is required to open the account. A $10.00 service fee is charged if the daily balance falls below $100.00. Determination of rate changes are at our discretion.
Traditional IRA Profile
- Tax deductible contributions (depending on income level)
- Withdraws begin at age 59 1/2 and are mandatory by 70 1/2.
- Taxes are paid on earnings when withdrawn from the IRA
- Available to everyone; no income restrictions
- All funds withdrawn (including principal contributions) before 59 1/2 are subject to a 10% penalty (subject to exception).
Roth IRA Profile
- Contributions are not tax deductible
- No Mandatory Distribution Age
- All earnings and principal are 100% tax free if rules and regulations are followed
- Income restrictions apply
- Principal contributions can be withdrawn any time without penalty (subject to some minimal conditions)
HEALTH SAVINGS ACCOUNTS
A Health Savings Account is a tax-exempt trust or custodial interest bearing account established for the purpose of paying medical expenses of you, your spouse, and your dependents. Contributions to an HSA are tax deductible, the earnings grow tax deferred and distributions to pay or reimburse qualified medical expenses are tax free. Initial deposit of $100.00 is required to the open account. A $10.00 service fee is charged if the daily balance falls below $100.00. No transaction limitations. Determination of rate changes are at our discretion.
- You must be covered under a high-deductible health plan (HDHP)
- You are not also covered by any other health plan that is not an HDHP and not enrolled in Medicare
- Cannot be claimed as a dependent on another individual's tax return
- Subject to maximum contribution limits and out-of pocket expenses