14CSB017_Website_ _0004_Personal_Ira's

Life after work is going to be soooo much fun.

Saving for it is soooo easy with our IRAs.

Your plans for retirement or education start here.

It’s not only fun to look ahead; it’s also smart. So while those images of lazy days on the beach or an exciting career are dancing in your head, consider waltzing into one of our offices to set up an IRA that can make it all happen.

 

Roth IRA

Contributions to a Roth IRA are not deductible, but if the funds are distributed in a ‘qualified distribution,’ they are not subject to federal income tax. So the earnings on the Roth IRA are generally tax-free. Yippee!

  • Minimum opening amount of $100
  • Fixed rate terms of 1-6 years
  • Variable rate term of 18 months
  • Non-deductible contributions may be made at any age according to income levels
  • Distributions are not required during life of owner
  • After 5 years, if qualified, distribution is tax-free, including earnings
  • ‘Catch-up’ contributions are available to people 50 years and older, where additional IRA contributions can be made over and above the maximum limits
Term Minimum Balance Rate APY*
1 Year $100 0.50% 0.50%
2 Year $100 0.90% 0.90%
2 Year Promo*** $1,000 1.49% 1.50%
3 Year $100 1.35% 1.35%
4 Year $100 1.55% 1.56%
5 Year $100 1.85% 1.86%
6 Year $100 1.90% 1.91%
18 Month Variable Rate** $25 0.25% 0.25%
Rates Effective December 14, 2017

* Annual Percentage Yield

** Roth and Traditional IRA’s ONLY

***Must be funded with money not currently on deposit with cfsbank.

Rates subject to change without notice.
Penalty for early withdrawal.
Fees may reduce earnings.
APY is accurate as of above date.
Please call or visit any one of our branch offices for further details.

Traditional IRA

This IRA offers tax-deferred growth of your contributions and earnings. Upon distribution after age 59 ½, your deductible contributions and earnings are fully taxable as ordinary income. To qualify for this IRA, you must have earned income or received alimony and be younger than 70 ½ years.

  • Minimum opening amount of $100
  • Fixed rate terms of 1-6 years
  • Variable rate term of 18 months
  • Tax deductible contributions based on tax filing status and modified adjusted gross income
  • Distributions must start at age 70 ½.
  • ‘Catch-up’ contributions are available to people 50 years and older, where additional IRA contributions can be made over and above the maximum limits
IRAs
Term Minimum Balance Rate APY*
1 Year $100 0.50% 0.50%
2 Year $100 0.90% 0.90%
2 Year Promo*** $1,000 1.49% 1.50%
3 Year $100 1.35% 1.35%
4 Year $100 1.55% 1.56%
5 Year $100 1.85% 1.86%
6 Year $100 1.90% 1.91%
18 Month Variable Rate** $25 0.25% 0.25%
Rates Effective December 14, 2017

** Roth and Traditional IRA’s ONLY

* Annual Percentage Yield

Rates subject to change without notice.
Penalty for early withdrawal.
Fees may reduce earnings.
APY is accurate as of above date.
Please call or visit any one of our branch offices for further details.

Education Savings

While contributions to an Education Savings Account are non-deductible, the earnings are tax-free and distributions are tax-free if used by the account beneficiary (designated student) for the qualified expenses of kindergarten through 12th grade, college or trade school.

  • Minimum opening amount of $100
  • Fixed rate terms of 1-6 years
  • Maximum contribution per year is $2000 for designated beneficiary under age 18
  • Contributions may be made by an individual whose modified adjusted gross income does not exceed certain levels