Individual Retirement Accounts
This IRA is designed for individuals who want to save tax-deferred dollars and want their annual contributions to be tax deductible. Penalty free withdrawals may be made for college expenses or the purchase of a first home.
Enjoy the benefits of tax free earnings growth with a Roth IRA. Although contributions to the Roth IRA are not tax deductible, the contributions can be removed at any time after 5 years without federal taxes or penalties. You are not required to receive distributions at age 70-1/2 and in most cases, you can pass your Roth assets to your heirs free of federal income taxes. Withdrawal of earnings is tax free if certain distribution rules are met.
Check with your financial advisor for more details about the IRA that's best for you and your tax deductible status. Bank penalties may apply for early withdrawal.