Individual Retirement Accounts (IRA)

Traditional

  • no minimum balance to open account
  • quarterly statements
  • no monthly service charge
  • tax-deferred until withdrawal
  • contributions are tax-deductible
  • interest is compounded daily and paid quarterly

Roth

  • no minimum balance to open account
  • quarterly statements
  • no monthly service charge
  • tax free withdrawal if certain conditions are met
  • interest is compounded daily and paid quarterly

Coverdell Education Savings Accounts (CESA)

  • no minimum balance to open account
  • quarterly statements
  • no monthly service charges
  • tax deferred
  • no penalty for early withdrawal if for qualified education expense
  • interest is compounded daily and paid quarterly

Please see on Current Rates for more information.

 

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