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Individual Retirement Accounts

No matter your age, it’s always the right time to think about and prepare for retirement. Saving for tomorrow begins today!

Traditional IRA

A traditional IRA allows an individual to save for retirement by earning a return in exchange for holding your funds. The funds deposited in your Traditional IRA grow tax-free and your earnings are not taxed until they are withdrawn.

Discover more about Traditional IRAs

Money Market Traditional IRAs allow you to earn interest on your entire balance while having access to your funds if needed.

  • $1,000 minimum balance required to open
  • Earns interest at a variable rate
  • As long as you maintain a $1,000 balance every day in the statement cycle, you will not receive the $10 monthly service fee
  • Withdrawals can be made in person at a branch
  • Preauthorized withdrawals, automatic or telephone transfers, checks, drafts, bill payments and debit card transactions are not allowed
  • Depending upon your age, a tax penalty for early withdrawal could be incurred*

With a Certificate of Deposit Traditional IRA, your funds are invested for the length of your choice and earn a fixed interest rate.

  • $1,000 minimum balance required to open
  • Terms range from 7 days to 5 years
  • Interest rate remains fixed for the term of the IRA
  • Interest is compounded monthly
  • The bank may apply an early withdrawal penalty if the funds are withdrawn prior to maturity
  • Depending upon your age, a tax penalty for early withdrawal could be incurred*

* After you reach 59 ½ years of age, withdrawals can be made without a tax penalty. Withdrawals made before 59 ½ are generally subject to a 10% tax penalty unless an exception applies. Mandatory withdrawals will begin in the year you turn 72 years old.

Roth IRA

A Roth IRA is an individual retirement account that allows you to save for retirement with funds that have already been taxed.

Discover more about Roth IRAs

Money Market Roth IRAs allow you to earn interest on your entire balance while having access to your funds if needed.

  • $1,000 minimum balance required to open
  • Earns interest at a variable rate
  • As long as you maintain a $1,000 balance every day in the statement cycle, you will not receive the $10 monthly service fee
  • Withdrawals can be made in person at a branch
  • Preauthorized withdrawals, automatic or telephone transfers, checks, drafts, bill payments and debit card transactions are not allowed
  • Depending upon your age, a tax penalty for early withdrawal could be incurred*

With a Termed Roth IRA, your funds are invested for the length of your choice and earn a fixed interest rate.

  • $1,000 minimum balance required to open
  • Terms range from 7 days to 5 years
  • Interest rate remains fixed for the term of the IRA
  • Interest is compounded monthly
  • The bank may apply an early withdrawal penalty if the funds are withdrawn prior to maturity
  • Depending upon your age, a tax penalty for early withdrawal could be incurred*

*The withdrawal of your earnings may be subject to a 10% tax penalty unless a qualified distribution or an exception applies. A Roth IRA distribution is considered qualified if the account has been held for 5 years AND has a qualified reason (age 59½ or older, disability or death). There are no mandatory withdrawals.

Simplified Employee Pension Plan (SEP)

As an alternative to a 401(k) plan, a SEP provides self-employed individuals or small-business owners with an easy way to help their employees or themselves save for retirement.

Discover more about Simplified Employee Pension Plans

Money Market SEPs allow you to earn interest on your entire balance while having access to your funds if needed.

  • $1,000 minimum balance required to open
  • Earns interest at a variable rate
  • As long as you maintain a $1,000 balance every day in the statement cycle, you will not receive the $10 monthly service fee
  • Withdrawals can be made in person at a branch
  • Preauthorized withdrawals, automatic or telephone transfers, checks, drafts, bill payments and debit card transactions are not allowed
  • Depending upon your age, a tax penalty for early withdrawal could be incurred*

With a Termed SEP, your funds are invested for the length of your choice and earn a fixed interest rate.

  • $1,000 minimum balance required to open
  • Terms range from 7 days to 5 years
  • Interest rate remains fixed for the term of the IRA
  • Interest is compounded monthly
  • The bank may apply an early withdrawal penalty if the funds are withdrawn prior to maturity
  • Depending upon your age, a tax penalty for early withdrawal could be incurred*

*After you reach 59½ years of age, withdrawals can be made without a tax penalty. Withdrawals made before 59½ are generally subject to a 10% tax penalty unless an exception applies. Mandatory withdrawals will begin in the year you turn 72 years old.

Coverdell Educational Savings Account (CESA)

A CESA is a tax-free educational savings account established for the benefit of a child up to the age of 18. Anyone can open the account for the benefit of a child; however, the parents or legal guardians will retain control of the funds until the child turns 18.

Discover more about Simplified Employee Pension Plans

Money Market CESAs allow you to earn a competitive yield on your entire balance while having access to your funds if needed.

  • $1,000 minimum balance required to open
  • Earns interest at a variable rate
  • As long as you maintain a $1,000 balance every day in the statement cycle, you will not receive the $10 monthly service fee
  • Withdrawals can be made in person at a branch
  • Preauthorized withdrawals, automatic or telephone transfers, checks, drafts, bill payments and debit card transactions are not allowed
  • Depending upon your age, a tax penalty for early withdrawal could be incurred*
  • CESA funds must be used by the time the child turns 30, or taxes, fees and penalties may apply to withdrawals

With a Termed CESA, your funds are invested for the length of your choice and earn a fixed interest rate.

  • $1,000 minimum balance required to open
  • Terms range from 7 days to 5 years
  • Interest rate remains fixed for the term of the CESA
  • Interest is compounded monthly
  • The bank may apply an early withdrawal penalty if the funds are withdrawn prior to maturity
  • Depending upon your age, a tax penalty for early withdrawal could be incurred
  • CESA funds must be used by the time the child turns 30, or taxes, fees and penalties may accompany withdrawals*

*Tax-free distribution may be made for qualified expenses for primary and secondary educational expenses as well as college expenses. An excise tax could be incurred if distributions for a year exceed higher education expenses.

Unused balances must be distributed before the beneficiary attains the age of 30. Earnings will then be included as income to the beneficiary and assessed the 10% excise tax if not used for education.

A CESA can be transferred to another CESA for the benefit of a member of the same family under the age of 30.

This information is not comprehensive and is strictly meant for educational and general marketing purposes. It should not be relied on or interpreted as accounting, financial planning, investment, legal or tax advice. We encourage you to consult the appropriate professional for your specific situation. For current tax rules, visit IRS.gov. More information on the different account types is available from your banker. Additional terms and conditions apply.

    Depending upon your financial goals, these other available account options may be a better fit.

  • Money Markets – Interest-bearing accounts with easy access to funds when needed
  • CDs – A fixed interest rate and fixed term provide a predictable savings strategy
  • Trust & Wealth Services – Tailored financial plans built for you by experts

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