IRAs

Individual Retirement Accounts (IRAs) provide one of the most effective ways of saving for retirement, because they shelter earnings on savings from immediate taxation. This allows your savings to grow faster. IRA Savings has no minimum balance requirement, Certificates are available for terms 12-60 months and are insured to $250,000 by the NCUA.

Traditional IRAs
Traditional IRAs offer tax-deferred earnings and the possibility for tax-deductible contributions. Your traditional IRA can range from certificates to stocks held in a brokerage account. You must receive compensation, be married to someone who does, or get alimony, in order to contribute to an IRA.

Roth IRAs
Unlike traditional IRAs, contributions to Roth IRAs are never tax-deductible. However, you can withdraw the money in a Roth IRA, including earnings, tax- and penalty-free if certain tests are met. Ask an IRA specialist what the maximum combined contribution limits are to a Roth and traditional IRA.

Coverdell ESA
The Coverdell Educational Savings Account's sole purpose is to help pay for children's education related expenses. An ESA is a great way to invest in a child's future.Typical expenses for primary, secondary or vocational education include tuition, fees, books, supplies, equipment, room and board and computers.

To learn more about our individual retirement accounts and education savings accounts, contact us or visit one of our branches.