Individual Retirement Accounts

If you have heard about the benefits of Individual Retirement Accounts (IRAs) and you want to begin your own, First State Bank can help.  You can select either a Roth, traditional, or Coverdell IRA (education). These accounts can be open-ended or fixed-term CDs. Start your IRA today—depending on the type of retirement account you choose, you may be able to save on your next tax bill.

 

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IRA Types

  • $100 Minimum Opening Deposit.
  • You can make contributions anytime up to the annual limit. 
  • Contributions and earnings may be tax deductible.   
  • Withdrawals subject to income tax.
  • $100 Minimum Opening Deposit.
  • You can make contributions anytime up to the annual limit. 
  • If the account has been open for 5 years, penalties and taxes may not apply 
  • Withdrawals of earning before the 5 years may be subject to income tax.
  • $100 Minimum Opening Deposit.
  • This savings plan allows you to save for your child's education. 
  • Contributions can be made any time up to the annual limit. 
  • Withdrawals may be tax free if used towards qualified education expenses such as tuition or books.
  • $1,000 Minimum Opening Deposit
  • 12, 36, or 60 Month Term.
  • The interest rate is fixed for the term of the IRA CD. 
  • Interest is paid every six months back to the IRA CD.