Traditional IRA and Roth IRA
- Individual Retirement Accounts require minimum balance of $500 or $50 with a bi-weekly automatic deposit of at least $10
- Choose whether to defer taxes on your earnings until withdrawal (Traditional IRA) or invest your after-tax dollars today, letting the investment grow tax-deferred, and take qualifying withdrawals tax-free (Roth IRA)
- Choose fixed interest rate or variable rate account. Fixed rate changes each Jan.1. Variable rates change first day of each month
- Withdrawals are allowed without bank penalty from January 1-11 each year
- Withdrawals during any other time are subject to a three month loss of interest penalty
Coverdell Education Savings Account
- Minimum balance to open account:$500 or $50 with bi-weekly automatic deposit of at least $10
- Additional deposits allowed at any time within IRS eligibility rules
- Accounts automatically renew on January 1 each year at a new rate
- Interest is added to the account on June 30 and December 31. (Compounded semi-annually)
- Withdrawals are allowed without bank penalty from January 1-11 each year
- Withdrawals during any other time are subject to a three month loss of interest penalty
- Earnings on this account are tax-free if used to pay for qualified education expenses
Click here for current rates
Online Calculators
