Individual Retirement Accounts
Welcome to the IRA Service Center.
Learn about IRAs, open an IRA, and service an existing IRA.
Notice: Individual Retirement Accounts can only be opened at the Operations Center - 1225 Airway Blvd.
| Individual Retirement Accounts (IRAs) | Minimum Required to Open | Interest Payment Period* | Deductibility of Contributions** | Special Features*** |
| Traditional IRA Allows you to defer taxes on annual deductible contributions, or on the interest you earn, until the funds are withdrawn. |
$20 | Paid quarterly on the last business day of the quarterly statement periods of March, June, September and December. | Contingent upon your adjusted gross income. Contributions can be made anytime. |
Interest earned is always tax-deferred. |
| Roth IRA Increases your earning power by allowing you to invest after-tax dollars today. |
$20 | Paid quarterly on the last business day of the quarterly statement periods of March, June, September and December. | Contributions are made with after-tax dollars. Contributions can be made anytime. |
When you retire, you pay no taxes on qualified withdrawals. |
| Coverdell Savings Account An account with tax benefits that helps you save for your child's education. |
$20 | Paid quarterly on the last business day of the quarterly statement periods of March, June, September and December. | You can make after-tax contributions for a child until the child reaches 18 years of age. Contributions can be made anytime. |
All earnings are tax-free if used to pay for eligible education expenses. |
| IRA CDs A CD with all the tax benefits of an IRA, but earning a higher rate of return. |
$50 to $2,500 | Terms of 3 months to 60 months available. Interest on Short Term IRA CDs is paid at maturity. Interest on Long Term IRA CDs is compounded monthly or annually. |
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| * Withdrawals before you are 591/2 may result in a tax penalty and interest penalty, except in the case of Education IRAs. ** Contribution limits vary and depend on your individual income level. *** Funds from any IRA at another financial institution of your qualified employer sponsored retirement plan may be transferred without tax penalty. |
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