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Individual Retirement Accounts
An Individual Retirement Account (IRA) is a smart way for nearly everyone to save money. You can save for retirement, to supplement Social Security benefits, education expenses, for your children or grandchildren, and even for the down payment on your first home. Depending on which type of IRA you select, you may be able to make tax-deductible contributions and accumulate interest and earnings tax-free! Please consult a tax advisor for more details on the tax benefits of an IRA.
There are three different IRAs to choose from: Traditional IRA, Roth IRA, and the Education IRA. Each has its own unique features and benefits. Choosing the IRA that's right for you is as easy as 1-2-3!
High-Yield Payroll Savings IRA
The High-Yield Payroll Savings IRA is a six-month IRA account that allows you to save for your "golden years" while earning an exceptional rate of return. Deposit up to your maximum annual contribution limit through payroll savings and earn dividends while you save. Dividends are paid semi-annually each year on January 1 and July 1. Funds on deposit will be transferred to your regular IRA Savings account after the dividends are posted to your account.
| High-Yield Payroll Savings IRA | ||
| Effective Date: Thursday, August 22nd, 2019 | ||
| IRA Savings Plan | Rate | Maximum Contribution |
| Traditional (under the age of 50) | 0.50% APY* | $6,000 |
| Traditional (over the age of 50) | 0.50% APY* | $7,000 |
| Roth (under the age of 50) | 0.50% APY* | $6,000 |
| Roth (over the age of 50) | 0.50% APY* | $7,000 |
| Coverdell Education | 0.50% APY* | $2,000 per child |
Only funds from a payroll savings source can be deposited into the High-Yield Payroll Savings IRA Account. No other deposits or transfers are allowed. If this account is closed prior to the end of the dividend period, no dividend will be paid. All funds directly deposited will receive 0.50% APY up to the amount legally allowed by law. Dividends will be paid semi-annually on January 1st and July 1st. Funds in the High-Yield Payroll Savings IRA account, plus dividend earned, will automatically be transferred to your Regular IRA Share Savings following the payment of dividends. | ||
Fees on accounts may reduce the earnings. A fee will or may be imposed for early withdrawal of certificates.
NMLS# 808257
