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IRAs

Individual Retirement Accounts (IRAs)


Don’t let the name fool you because while Individual Retirement Accounts (IRAs) are an ideal method to save for retirement, you can also use them for other big expenditures like education and possibly the purchase of your first home.

All of our following IRA accounts include:

  • Competitive rates
  • Automatic savings plan
  • Funds are Federally Insured by the NCUA up to $250,000
  • Rollover of retirement funds
  • Easy online access to check balances and transfer funds 24/7/365 with Waterfront@Home online banking, or through our automated phone teller system

Traditional IRA

  • Invest up to $5,500 annually or $6,500 if you're age 50 or older
  • Contributions may be tax deductible (see a tax advisor)
  • All earnings on your IRA are tax-deferred until withdrawn
  • Withdrawals from the account may be made penalty-free before age 59 1/2 to help finance qualified higher education expenses and qualified first-time home purchase (see a tax advisor)

Roth IRA

  • Invest up to $5,500 annually or $6,500 if you're age 50 or older
  • Contributions are not tax deductible
  • No tax on earnings for qualified distributions
  • Withdraw contributions tax-free any time

Coverdell Education Savings Accounts

  • Invest up to $2,000 per child per year
  • Contributions are not tax deductible
  • Withdraw funds tax-free and IRA penalty-free to finance qualified higher education expenses

Contact us to sign-up or rollover retirement distribution. Click here to learn more about IRAs in general.