IRAs and HSAs


Secure Your Future With An Individual Retirement AccountINDIVIDUAL RETIREMENT ACCOUNT

Start saving for your retirement and let us help you with a high yield IRA to support your future retirement needs.  Initial deposit of $100.00 is required to open the account.  Determination of rate changes are at our discretion.

Traditional IRA Profile

  • Tax deductible contributions (depending on income level)
  • Withdraws begin at age 59 1/2 and are mandatory by 72.
  • Taxes are paid on earnings when withdrawn from the IRA
  • Available to everyone; no income restrictions
  • All funds withdrawn (including principal contributions) before 59 1/2 are subject to a 10% penalty (subject to exception).

Roth IRA Profile

  • Contributions are not tax deductible
  • No Mandatory Distribution Age
  • All earnings and principal are 100% tax free if rules and regulations are followed
  • Income restrictions apply
  • Principal contributions can be withdrawn any time without penalty (subject to some minimal conditions)


A Health Savings Account is a tax-exempt trust or custodial interest bearing account established for the purpose of paying medical expenses of you, your spouse, and your dependents.  Contributions to an HSA are tax deductible, the earnings grow tax deferred and distributions to pay or reimburse qualified medical expenses are tax free.  Initial deposit of $100.00 is required to the open account. Determination of rate changes are at our discretion.

  • You must be covered under a high-deductible health plan (HDHP)
  • You are not also covered by any other health plan that is not an HDHP and not enrolled in Medicare
  • Cannot be claimed as a dependent on another individual’s tax return
  • Subject to maximum  contribution limits and out-of pocket expenses

Is an IRA Right For You? Then call one of our customer service representatives today.

You might also be able to save on your present taxes with an Individual Retirement Account, by deducting your qualified contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether you’re an active participant in an employer sponsored plan as defined by the Internal Revenue Service.

With an Individual Retirement Account, you may also be able defer taxes until you retire when you will probably be in a lower tax bracket. The chart below shows you how much you may be able save each year. You may want to consult your tax advisor to review the tax deductible status of an IRA. Regardless of the amount you’ll be able to save now on taxes, an IRA is a smart way for you to save for a secure retirement.

IRA Tax Savings Potential Chart:

IRA Deductible Contribution Amount10 % Tax Bracket Savings12 % Tax Bracket Savings22 % Tax Bracket Savings24 % Tax Bracket Savings32 % Tax Bracket Savings35% Tax Bracket Savings37% Tax Bracket Savings
$1,000 $100$120$220$240$320$350$370
$2,000 $200$240$440$480$640$700$740
$2,250 $225$270$495$540$720$788$833
$4,000 $400$480$880$960$1,280$1,400 $1,480

If You’re Changing Employers, An IRA Rollover Makes Sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover.

You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well. For more information about IRA Rollovers or opening a new IRA just give us a call.

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