IRAs

Individual Retirement Accounts

Traditional IRAs

• 2 forms of ID required to open account( 1 must be a photo ID)   

• The contribution deadline is the tax-filing deadline for the tax year (Consult Tax Advisor)           

• Any individual younger than 70 ½ years of age who has compensation is eligible to make a contribution
• Contributions may be eligible for a tax deduction (Consult Tax Advisor)           

ROTH IRAs

• The contribution deadline is the tax-filing deadline for the tax year (Consult Tax Advisor)           
• There are no required distributions
• Contributions are nondeductible, but earnings are tax free.
• Contributions for ROTH IRAs made by an individual can still be made after the age of 70 ½.

Benefits     

• Compounding and Crediting. Interest will be credited to your account quartely
• Free TeleWeb
• Free Telebank

To open an account you must deposit a minimum of $100 for variable rate IRAs, $1000 for fixed rate IRAs. If you close your account before interest is credited, you will not receive the accrued interest.

For more information on rates or penalty Info. Please call us at 580-822-3300.