|
Individual Retirement Accounts
It’s 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 |
|
Annual/Monthly Combined
Statements |
|
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 |
|
Annual/Monthly Combined
Statement |
|
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
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| Interest can be withdrawn after 5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 |
| FDIC Insured to $250,000 |
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 or Email
generalbox@oostburgbank.com
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