Savings, CDs and IRAs
|Account||Minimum Balance to Open||Minimum Balance to Earn Interest||Monthly Service Fee|
|Savings||$100||No Minimum Balance Required||$2 if average balance falls below $100|
|Traditional IRA||$100||No Minimum Balance Required||n/a|
|Roth IRA||$100||No Minimum Balance Required||n/a|
|Education IRA||$100||No Minimum Balance Required||n/a|
|IRA Certificates of Deposit||$500||$500||n/a|
|Certificates of Deposit||$500||$500||n/a|
Individual Retirement Accounts* (IRA)
Retirement is the time to enjoy life, and we want to make sure you have the financial security to live the retirement of your dreams. That’s why we offer a variety of no maintenance fee, tax-advantaged IRA investments.
Your contributions are 100% vested immediately and may be deductible for the year it is made depending on whether or not you participate in a retirement plan. Earnings grow tax-free until withdrawn. Distributions are required in the year you turn 72 (effective tax year 2020).
A Roth IRA allows annual non-deductible contributions. Earnings grow tax-free, and qualified distributions are tax-free after a five-year holding period. Mandatory distributions are NOT required.
Contributions to an Education IRA are not tax deductible. However, withdrawals that are made for a child’s higher education expenses are tax-free and penalty-free in the year they are taken.
*Consult your tax advisor about the tax deductibility of contributions, distributions, and earnings.