PERSONAL BANKING

IRAs

Individual Retirement Accounts (IRAs) are still a great way to save, and now you have four choices:

Earnings are tax deferred until the time of withdrawal
All or a portion of the contributions may be tax deductible (Traditional)
All or a portion of the earnings may be tax free if the withdrawal is for a qualified purpose (Roth, Educational)
Attractive fixed interest rates when invested in certificates of deposit
Terms from six months to five years
$500 minimum deposit to open ($250 for the 18-month time deposit open account, which also accepts periodic deposits)
Substantial bank and tax penalties may apply for premature withdrawals, withdrawals made prior to age 59½, or withdrawals for non-qualified purposes
Withdrawals may affect earnings
Assistance is available to help you with rollovers, transfers or a direct rollover from your former company qualified plan when you retire
Additional self-directed IRA investment vehicles are available through our Trust Department
Which IRA is best for you personally? Every situation is different. It is critical that you check with your tax advisor before making any decision. Tax laws are very complicated and you will want to be certain that your personal financial strategy and needs are considered. An uninformed decision today could result in additional taxes and penalties in the future. Review the new IRA options with your tax advisor then come see us to open your account or to ask us about transfers, rollovers and other account requirements!