IRA Rates
Rate | APY | Annual Fee | Closing Fee |
---|---|---|---|
1.50 | 1.51 | $20.00 | $10.00 |
Traditional IRA
- Deposits are often tax deductible
- Earnings are tax deferred until with-drawn
- Contributions are limited annually. Contact your tax advisor for details.
- Members age 50 and older may contribute a catch up payment. Contact your tax advisor for details.
- The Contributor must be under the age of 72 and have earned compensation (wages, commissions, tips) for the tax year
Roth IRA
- Earnings are tax-deferred
- Withdrawal of contributed funds will not be taxed
- The Contributor must have earned compensation (wages, commissions, tips) for the tax year
- No age limit on contributions or withdrawals
- Contributions are limited annually. Contact your tax advisor for details.
- Members age 50 and older may contribute a catch up payment. Contact your tax advisor for details.
Coverdell Education Savings Account
- Save money for educational expenses your child, grandchild, niece or nephew may incur
- The IRA is required to be held in the childs’ name (as the designated beneficiary) with a parent or legal guardian as the caretaker of the account
- Earnings are tax-deferred
- Distributions are tax-free if applied to qualified education expenses
- Contribute up to $2,000.00 each year up to age 18.
Health Savings Accounts
- Savings tool with investment earnings
- Flexibility to pay current medical expenses or save for future needs
- Tax-deductible contributions
- Balance carries over from year to year
Simplified Employee Pension Plans
- The employer determines whether to contribute and how much to contribute each year
- Simple to administer and maintain
- No government reporting
- Discretionary annual contributions
- The employer may receive tax credit for start-up costs
Note: The contributors to any of the above mentioned accounts are responsible for determining if the individual account owner is qualified to make or receive contributions.