Individual Retirement Accounts (IRA)

Traditional

  • no minimum balance to open account
  • quarterly statements
  • no monthly service charge
  • tax-deferred until withdrawal
  • contributions are tax-deductible
  • interest is compounded daily and paid quarterly

Roth

  • no minimum balance to open account
  • quarterly statements
  • no monthly service charge
  • tax free withdrawal if certain conditions are met
  • interest is compounded daily and paid quarterly

Coverdell Education Savings Accounts (CESA)

  • no minimum balance to open account
  • quarterly statements
  • no monthly service charges
  • tax deferred
  • no penalty for early withdrawal if for qualified education expense
  • interest is compounded daily and paid quarterly

Current Rates

Demand deposit and savings accounts with no activity by the customer for 365 days will be moved to a dormant status. When dormant accounts have a minimum balance of $200.00 or less, a fee of $5.00 will be charged each statement cycle.