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"Modern Banking... the Old Fashioned Way"

 

 

Individual Retirement Accounts

Itís never too early or too late to start saving for retirement.

Variable Rate IRA

  • $50.00 Opening Requirement

  • $50.00 Minimum Deposit Anytime

  • 24 Month Term

  • Guaranteed Rate of Return

  • FDIC Insured to $250,000

  • 10 Day Grace Period

Bank penalty for early withdrawals. All rules established by the  federal government apply.

Current Rates

Calculate future values, retirement income and more.
 

Fixed Rate IRA

  • $1,000 Opening Deposit Requirement

  • Terms From 6 to 60 Months

  • Guaranteed Rate of Return

  • FDIC Insured to $250,000

  • 10 Day Grace Period

Bank penalty for early withdrawals. All rules established by the  federal government apply.

Current Rates
            
Calculate future values, retirement income and more.

Roth IRA

The money in a Roth IRA can be deposited in a variable rate or fixed rate account as described above. A Roth IRA is not a different type of investment, it simply has different options and benefits than a Traditional IRA.

  • No minimum distribution required

  • No age restriction for contributions

  • Deposits are not tax deductible

  • Interest earned is not taxed by the Federal government

  • No government penalty imposed on principal withdrawals

  • Interest can be withdrawn after 5 years with no government penalty if considered a qualified distribution

  • Guaranteed Rate of Return

  • FDIC Insured to $250,000

  • 10 Day Grace Period

Bank penalty for early withdrawals. All rules established by the  federal government apply.

Current Rates 

Calculate  future values, retirement income and more.

Please contact us for the list of qualified distributions and a complete explanation of the Roth IRA. Upon your request, we can provide you with written information.

Coverdell Education Savings Account (CESA)

The Federal Government developed this account specifically for people saving money for educational purposes. While the account title has the word "savings" included, funds earmarked as CESA are actually deposited and treated similar to IRA money. Money can be deposited to a CESA for the benefit of the child by others. (parents, grandparents, relatives, employer).

  • $2,000 contribution limit per beneficiary (child) per year

  • Deposits are not tax deductible

  • Interest earned is not taxed by the federal government

  • No government imposed penalties or taxes paid on withdrawals for qualified educational expenses

  • Applicable to elementary, secondary, and higher education expenses

  • Funds can be used at public, private, and religious schools

Bank penalty for early withdrawals. All rules established by the  federal government apply.

Current Rates
 
Calculate  future values, retirement income and more.

Please contact us for the list of qualified educational expenses and a complete explanation of the Coverdell Educational Savings Account. Upon your request, we can provide you with written information.

For more information call (920)564-2336, (920)668-6216, or Email generalbox@oostburgbank.com 
 
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