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Individual Retirement Accounts

Welcome to the IRA Service Center.

Learn about IRAs, open an IRA, and service an existing IRA.

Retirement Resource Center

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Allows you to defer taxes on annual deductible contributions, or on the interest you earn, until the funds are withdrawn.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.
   
* 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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