This is a flexible, tax deferred way to prepare for your retirement. Our IRA savings product pays a variable rate of interest and is similar to a savings account. We also offer IRA certificates of deposit at very competitive rates. You can select a maturity from six to 60 months. Whatever suits your savings plan.

A tax deferred savings plan that allows qualifying wage-earners the opportunity to accumulate funds for retirement years. There is an annual contribution limit. Individuals who are not covered by an employer retirement plan may make full tax-deductible contributions as long as they have earned income.

If you are covered by an employer retirement plan, you may make full tax-deductible contributions if you meet certain eligibility requirements: Single persons with an adjusted gross income (AGI) of less than $25,000; and married persons filing jointly with an AGI of less than $40,000.

If you are covered by an employer retirement plan, partial tax-deductible IRA contributions also may be made: Single individuals whose AGI (adjustable gross income) is between $25,000 and $35,000; married individuals filing jointly whose AGI is between $40,000 and $50,000; and married individuals filing simply whose AGI is below $10,000. If the AGI of individuals covered by an employer retirement plan exceeds these limits, nondeductible contributions may be made. Income tax on the interest earned is deferred until the funds are withdrawn either as a lump sum or on a regular schedule.

Withdrawals without IRS penalty can begin at age 59½, and must begin April 1 of the year following the year an individual reaches age 70½; prior to age 59½, a 10% penalty is imposed for withdrawals. As funds are withdrawn, some are taxable and some are not, depending on the proportion of deductible contributions.

Features and Benefits

• Two types of IRA plans are available:

  Statement Savings Plan: Minimum of $50.00 required to open account. Funds are not automatically put into a CD plan unless requested by the customer. Some customers prefer IRA savings over CD and utilize savings only. Rates are subject to change. You may make deposits at any time.

  Certificates of Deposit: Minimum of $2000.00 required to open. Locked in for a period of time at the current rate and is automatically renewable at the current rate at maturity. Compounded quarterly. Statements sent semi-annually. You cannot add money to an existing CD. Need separate CDs.

  Specific terms: 12 months, 24 months, 36 months, 48 months, 60 months

• FDIC insured up to $100,000 per account holder
• Bank reports to IRS yearly contributions
• Customer receives annual statement
• Low minimum required to open account
• Flexible plans to meet your needs
• IRA savings and interest are tax deferred for eligible account holders until withdrawals begin, not before 59½ and no later than 70½
• No service fees
• Money is safe and secure
• Lump sum distributions from other pension plans or work related retirement plans may be rolled over into an IRA plan
• You can save at own rate (within annual maximums)
• Provision for moving more money from one tax-sheltered investment vehicle to another without tax penalty (under certain rules)

Charges/Fees

• Specific Bank or IRS penalty for early withdrawal of funds with exception of a customer's death or disability. No penalty for withdrawing from Savings IRA plan. CDs one year and less incur a one month penalty. CDs over a year incur a three month interest penalty. A 10% penalty is assessed by the IRS if customer not over 59½.