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Individual Retirement Accounts

Account Choices

Traditional IRA

A Traditional IRA allows your earnings to grow tax deferred, so you won’t owe income taxes until you make withdrawals. And if you’re eligible, your contributions are tax deductible. Deductible contributions and earnings are taxed at your regular income tax rate when money is withdrawn.

Features and Benefits

Traditional IRA

  • Allows your earnings to grow tax deferred, so you won’t owe income taxes until you make withdrawals.  
  • If you’re eligible*, your contributions are tax deductible.
  • IRS penalty-free withdrawals are allowed prior to age 59 ½ (up to a lifetime limit of $10,000) when the funds are used for qualifying expenses.**
  • For more information on Traditional IRAs, please click here (pdf 1.9mb) or click on the brochure to the right.

* Consult a tax advisor for your individual situation.

**Examples include: first time home purchase, higher education expenses, medical expenses, disability, IRS levy, divorce, or death.

Eligibility

To qualify to make tax-deductible contributions to a traditional IRA, you must be less than 70½ years old and have received compensation (in general, income earned from working). From there, you’re automatically eligible if neither you, nor your spouse if you’re married, are covered by an employer-sponsored retirement plan – no matter how high your income.

Apply Now

If you are interested in opening a Traditional IRA, please stop by any of our branches or contact us today at 800.222.1391, and we'll help you get started!

Traditional IRA Forms

Roth IRA

Roth IRAs are increasingly becoming the more attractive IRA option - Why? Because Roth IRAs offer tax-free growth and more flexible withdrawal rules.

Features and Benefits

  • Roth IRAs offer tax-free growth and more flexible withdrawal rules.
  • Withdraw contributions penalty- and tax-free at any time. Not required to start withdrawals at age 70½.
  • After the account has been open five tax years, earnings can be withdrawn tax-free and penalty-free for any of these reasons: age 59½, disability, death, or a first-time home purchase.
  • For more information on Roth IRAs, please click here (pdf 146k) or on the educational brochure to the right.

 

 

Eligibility

Assuming you meet the Modified Adjusted Gross Income (MAGI) limits, as long as you're still working and have earned income, you can make contributions to a Roth IRA, even after turning age 70½. And Roth IRAs don't require you to take required minimum distributions when you turn age 70½. In addition, your participation in an employer-sponsored retirement plan does not affect your Roth IRA eligibility.

Apply Now

If you would like to open a Roth IRA, please stop by any of our branches or contact us at 800.222.1391 and we'll help you get started!

Roth IRA Forms

Coverdell Education Savings Accounts

Is your goal to send your child to get a great education? If you're wondering how you're going to pay for private school or college tuition and expenses, then this may be the answer you've been looking for.

Features and Benefits

  • An Education Savings Account (ESA) earn tax-deferred interest, and distributions are tax-free if they are used for qualifying educational expenses which include elementary and secondary education.
  • Contributions are never tax-deductible.
  • For more information on Coverdell ESAs, please click here (pdf 236k) or on the educational brochure on the right.

 

 

Eligibility

You can contribute the full amount if you are a single filer with a modified adjusted gross income of $95,000 or less ($190,000 or less for joint tax filers).*

* Consult a tax advisor for your individual situation.

Apply Now

If you would like to open a Coverdell ESA, please stop by any of our branches or contact us at 800.222.1391 and we'll help you get started!

Coverdell ESA Forms

Compare Accounts

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Features Eligibility Maximum Annual
Contribution

Traditional IRA

- Allows your earnings to grow tax deferred, so you won’t owe income taxes until you make withdrawals.

- If you’re eligible*, your contributions are tax deductible.

- IRS penalty-free withdrawals are allowed prior to age 59 ½ (up to a lifetime limit of $10,000) when the funds are used for qualifying expenses.**

To qualify to make tax-deductible contributions to a traditional IRA you must be less than 70½ years old and have received income from compensation.

$5,000
($6,000 ages 50+)

Roth IRA

- Roth IRAs offer tax-free growth and more flexible withdrawal rules.

- Withdraw contributions penalty- and tax-free at any time. Not required to start withdrawals at age 70½.

- After the account has been open five tax years, earnings can be withdrawn tax-free and penalty-free for any of these reasons: age 59½, disability, death, or a first-time home purchase.


Anyone who falls withing the Modified Adjusted Gross Income limits set by the governement.*

$5,000
($6,000 ages 50+)

Coverdell Education Savings Account

- Contributions are never tax-deductible.

- Withdrawals from a Coverdell ESA are both tax-free and penalty-free if used for qualified education expenses.

You can contribute the full amount if you are a single filer with a modified adjusted gross income of $95,000 or less ($190,000 or less for joint tax filers).*

Total contributions each year to each child's Coverdell ESA can't exceed $2,000.

* Consult a tax advisor for your individual situation.

**Examples include: first time home purchase, higher education expenses, medical expenses, disability, IRS levy, divorce, or death.