Share Certificates & IRAs

Roth:

Best used for retirement savings

Annual contributions are $7,000 ($8,000 if the individual is age 50 or older); income restrictions may apply
Contributions can be made at any age & are non-tax deductible
Distributions may be tax free
Minimum distribution age is not required until after the death of the owner
Early distributions will be penalized

Traditional:

Best used for retirement savings

Must be under 70 ½ to open
Annual contributions are $7,000 ($8,000 if the individual is age 50 or older); income restrictions may apply
Contributions may be tax deductible
Minimum distribution age is 72
Early distributions will be penalized

Educational:

Best used for educational expenses

Maximum annual contribution is $2,000 per beneficiary; income restrictions apply
Earnings grow tax-free and withdrawals are also tax free
Funds may be subject to penalties if withdrawn outside IRS guidelines
Must be used for education expenses at an eligible institution

Term Share Certificates

91 Days

$7,500 minimum deposit required
Early withdrawal penalties
Earn monthly dividends

6 Months

$10,000 minimum deposit required
Early withdrawal penalties
Earn monthly dividends

1 Year IRA

$2,000 minimum deposit required
Early withdrawal penalties
Earn monthly dividends

1 Year Share Certificate

$10,000 minimum deposit required
Early withdrawal penalties
Earn monthly dividends

2 Year Share Certificate

$50,000 - $250,000 minimum deposit required
Early withdrawal penalties
Earn monthly dividends