Skip to content

Retirement planning can get tiring — IRAs make it easier! Just pick a type and start making contributions.

Rates

Key Features

  • Competitive Dividends
  • No Setup or Maintenance Fees
  • Tax Advantages*
  • Competitive earnings above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • Annual contribution limits apply (see current contribution limits; $6,000 as of 2019)1
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • No minimum deposit to open

1Consult a tax advisor.

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70½

Roth IRA

  • Income limits to be eligible to open Roth IRA3
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty2
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

1Subject to some minimal conditions. Consult a tax advisor.

2Certain exceptions apply, such as healthcare, purchasing first home, etc. 

3Consult a tax advisor.

Create an easier transition into college for yourself and your student by setting up a savings account early. A Coverdell Education Savings Account (ESA) provides a tax-free safe place to grow competitive dividends and also financial confidence for a new stage in life. 

  • Set aside funds for your child's education
  • No setup or annual fee
  • Dividends grow tax-free
  • Withdrawals are tax-free and penalty-free when used for qualified education expenses1
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply2
  • Contributions are not tax deductible
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time he or she turns 303
  • The ESA may be transferred without penalty to another member of the family
  • No minimum deposit to open

1Qualified expenses include tuition and fees, books, supplies, board, etc.

2Consult your tax advisor to determine your contribution limit.

3Those earnings are subject to income tax and a 10% penalty.

Who can open a Roth IRA? 

Anyone who has earned income. 

When can withdrawals be made from the account?

Contributions can be withdrawn any time. Earnings may be withdrawn tax free provided the account has been opened at least five years and one of the above listed qualifying circumstances exist. 

When can withdrawals be made from the account?

Withdrawals may be made penalty-free after the owner is age 59 ½, or for qualified higher-education expenses, disability, qualified medical expenses exceeding 7.5% of income, payments to beneficiaries upon the owner’s death, or payment of health insurance premiums while unemployed. 

How much can be contributed to the Coverdell ESA?

Contributions to a Coverdell ESA are limited to maximum of $2,000 per year beginning in 2002. Contributions are not allowed once the beneficiary of the Coverdell ESA reaches 18 years of age. Contributions are not allowed in any year that contributions to a state tuition program for the same IRA beneficiary are made.

What are the benefits of the Coverdell ESA?

Withdrawals for qualified higher-education expenses are tax-free. Funds can be transferred from one child’s account to another child in the family.

*Consult a tax advisor.

Current Promotions