Individual Retirement Accounts

Individual Retirement Accounts (IRAs)

An Individual Retirement Account (IRA) is a type of investment account that provides tax advantages when saving for retirement. It's a flexible, versatile, low-risk way to make the most of your money and secure your financial future.

IRA Share Certificate Accounts

An IRA Share Certificate is a fixed-term savings product designed for use in an IRA. You can invest a fixed sum of your IRA funds for a fixed time and earn a fixed dividend rate.

Available with 6-month to 5-year terms and with only a $500 minimum opening deposit, IRA Share Certificates are a great way to start saving for retirement.

IRA Accumulation Accounts

An Accumulation IRA is perfect if you'd rather deposit small amounts of money into your IRA account at periodic intervals instead of waiting for the maturity of an IRA certificate. IRA Accumulation Accounts require just a minimum $1 opening deposit and begin accruing interest immediately.

Traditional and Roth IRAs

Both traditional and Roth IRAs are designed to help people save for retirement. Both are great options for saving.

Contributions to traditional IRAs are tax-deductible, but withdrawals in retirement are taxable as income. In comparison, contributions to Roth IRAs are not tax-deductible, but the withdrawals in retirement are tax-free. The best option for you depends on your financial situation, future plans, and when you’d prefer to pay taxes on those funds.

Coverdell Educational Savings Account IRAs

A Coverdell Educational Savings Account (ESA) offers tax-free investment growth and withdrawals are free from federal taxes so long as you use the money for qualified education expenses, such as tuition, books, supplies, uniforms, room and board, computer equipment and internet service.

In addition to college expenses, certain K-12 purchases are also considered qualified when using an ESA.