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. Our open-ended IRAs can be opened with just $100 and our CDs can be opened with as little as $1,000.00. Start your IRA today—depending on the type of retirement account you choose, you may even be able to save on your next tax bill.
| Account
Type |
Minimum To
Open |
Account Limitations |
Account Features |
| Traditional
IRA |
$100.00 |
You can contribute up to the
annual limit |
- You can make contributions
anytime up to the annual limit.
- Contributions and
earnings are tax deductible.
- There is a penalty
to withdraw if you are under age 59 ½.
- Withdrawals are
subject to income tax.
- When you reach age
70 ½ you will not be able to make contributions and you must begin
to withdrawal from the account.
|
| Roth IRA |
$100.00 |
You can contribute up to the
annual limit |
- You can make contributions
anytime up to the annual limit.
- If the account has
been open for 5 years, penalties and taxes do not apply
- Withdrawals of earning
before the 5 years are subject to income tax.
|
| Coverdell
Savings Account
(Education IRA) |
$100.00 |
You can contribute up to the
annual limit |
- This savings plan
allows you to save for your child's education.
- Contributions can
be made any time up to the annual limit.
- Withdrawals are
tax free if used towards qualified education expenses such as tuition
or books.
|
| 36 month
IRA CD
|
$1000.00 |
Deposits or withdrawals are
not allowed |
- The interest rate
is fixed for the term of the IRA CD.
- Interest is paid
every six months back to the IRA CD.
|
| 60 month
IRA CD
|
$1000.00 |
Deposits or withdrawals are
not allowed |
- The interest rate
is fixed for the term of the IRA CD.
- Interest is paid
every six months back to the IRA CD.
|
|
