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Rates

A garden starts with a seed. Put your seed money into a long-term account that will flourish when you need it most.

Key Features

Competitive Dividends

Potential Tax Benefits

No Minimum Balance

  • Competitive dividends above standard savings rates
  • Available in the form of an IRA Accumulator Account (a buildable savings account) or IRA share certificates
    • Traditional and Roth IRA savings account options
  • No setup fees
  • No monthly or annual maintenance fees
  • Annual contribution limits apply
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • $25 minimum deposit to open

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement. 

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70 ½ 

Roth IRA

  • Income limits to be eligible to open Roth IRA3
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Withdrawals on dividends can begin at age 59 ½
  • Early withdrawals on dividends subject to penalty2
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

1Subject to some minimal conditions. Consult a tax advisor.

2Certain exceptions apply, such as healthcare, purchasing first home, etc.

3Consult a tax advisor.

Create an easier transition into college for yourself and your student by establishing savings early. A Coverdell Education Savings Account (ESA) provides a tax-free1 safe place to grow competitive dividends and also financial confidence for a new stage in life.

  • Set aside funds for your child's education
  • No setup or annual fee
  • Dividends grow tax-free
  • Withdrawals are tax-free and penalty-free when used for qualified education expenses1
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply2
  • Contributions are not tax deductible
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time he or she turns 303
  • The ESA may be transferred without penalty to another member of the family
  • $25 minimum deposit to open

1Consult a tax advisor. Qualified expenses include tuition and fees, books, supplies, board, etc.

2Consult your tax advisor to determine your contribution limit.

3Those earnings are subject to income tax and a 10% penalty.