IRAs are an easy way to save for retirement.
An Individual Retirement Account, or IRA, is a savings and investing account.
IRAs are an essential tool for saving for the future, especially if you don't have an employer-sponsored retirement plan like a 401(k) or a 403(b) or are self-employed. Even if you’re saving for retirement with a plan such as a 401(k), supplementing your savings with an IRA provides flexibility and a boost to your overall savings.
Our IRA features:
- Just $50 to open.
- There are no contribution limits if you’re rolling over an old 401(k) into an IRA.
- Traditional IRA contributions may be tax-deductible; withdrawals in retirement are taxed as income.
- Roth IRA contributions are not deductible, but withdrawals in retirement are tax-free.
- Rates are set by the Board of Directors, and dividends are paid quarterly.
Coverdell Education Savings Accounts (ESAs)
A great way to help pay for your child’s educational expenses, such as tuition, fees, books, supplies, and equipment
- Your earnings grow on a tax-deferred basis and distributions are tax-free if the money is used to pay qualified education expenses.
- Yearly contributions cannot exceed $2,000 per child.
- Anyone, family member or non-family member, can contribute to a child's ESA.
- Contributions can be made until he or she reaches the age of 18.*
- ESA contributions do not affect your ability to make Traditional or Roth IRA contributions.
- Rates are set by the Board of Directors and dividends are paid quarterly.
*The age 18 limit does not apply to special needs individuals.
Visit a Local Branch to open an Education Savings Account today!