Skip to main content
Summer 2024 Newsletter

The Summer 2024 edition of our newsletter is now available online.  Read about the latest promotions, updates, and insights.  Click here.

4.95% APY 1

IRAs and ESAs

Plan for your best future.

Let us help! If you already work with a tax advisor, they're a great resource, too.

Individual Retirement Accounts (IRAs) and Coverdell Education Savings Account (ESAs) are ways to ensure your future self is setup for success.  

  • An IRA helps build retirement savings because of the tax advantage it provides.
  • An ESA offers a similar tax advantage but is designed to assist primarily with future education expenses.

Contact Us to apply for an IRA or ESA

See all IRA and ESA Rates


An Important Note About Tax-Advantaged Accounts — IRAs and ESAs

We want you to have a smooth, trouble-free experience with your IRA or ESA. That means getting off to a good start... and, to be honest, it can be a little complicated. But over 40 million people invest in Traditional IRAs and over 30 million in Roth IRAs, so it's possible to do succesfully!

Straight talk: There are many rules related to tax-advantaged accounts. Before you contribute, it's important to have an understanding of these limitations:

  • Eligibility
  • Contribution Limits
  • Deductibility
  • Tax Advantages
  • Withdrawal Penalties
  • Distribution Rules
  • Conversion Rules. That's a lot.

Traditional IRA

A Traditional IRA can be a smart solution to increase your tax-deffered retirement savings.  

Eventually, you'll be taxed on your contributions and earnings.

  • Grow potential earnings tax deffered
  • No income limitations to opening an account
  • Current year contributions may be tax deductible
  • Other non-retirement expenses may be eligible
  • Confirm your eligibility. There are additional limits and options.

Once you turn 59 1/2, you can access your funds penalty free.  

More about Traditional IRAs


With a Roth IRA account, you won't pay taxes as your money potentially grows, and you can make tax-free withdrawals during retirement.  

  • No contribution age restrictions
  • Earnings grow tax-free
  • Qualified tax-free withdrawals
  • No mandatory withdrawals (unlike a Traditional IRA)
  • No income taxes for inherited Roth IRA funds may also be used to purchase a first home
  • Confirm your eligibility. There are additional limits and options.

Qualified withdrawals after age 59½ are tax-free and penalty free.  

More about Roth IRAs

Coverdell ESA

A Coverdell ESA is great way to help pay for your child's educational expenses, such as tuition, fees, books, supplies, and equipment.  

The account earnings grow on a tax-deferred basis.  Withdrawals are tax-free when the funds are used for qualified education expenses.  A beneficiary can be anyone younger than 18.

  • Annual contribution limit is $2,000 per year
  • Contributions to a Coverdell ESA are allowed until the beneficiary turns 18
  • Funds must be distributed once the beneficiary turns 30 years old
  • Confirm your eligibility. There are additional limits and options.

More about ESAs

Looking for more?
We think these topics may be of interest to you!