IRA (Individual Retirement Account)
Excellent investments for the future and your contribution may be tax deductible. You will consistently earn higher rates, and the dividends are tax deferred.
Traditional IRA |
Roth IRA |
Coverdell Education Savings Accounts (ESA) |
Tax Deductions now* |
Withdraw regular contributions at any time, tax-free and penalty free |
Tax-Free Distributions* |
For you, if you anticipate paying taxes at a significantly lower rate in retirement* |
No required minimum distributions (RMD) at age
70 1/2 |
Used for Elementary &/or High School Expenses |
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Used for (most) public, private, and parochial schools |
*Not intended as tax advice, please consult a tax professional.
Coverdell Education Savings Accounts (ESA)
Formerly known as Education IRAs, a Coverdell Education Savings Account (ESA) is a savings account created as an incentive to help parents and students save for education expenses.
You can also use the Coverdell Funds to pay for Elementary or Secondary Education Costs.
ESAs are counted as the student's asset, which can reduce federal financial aid eligibility under current financial aid formulas.
IRA Share Accounts
Deposits can be made anytime into this account. (Even through payroll deduction.) No minimum balance is required. Dividends are computed and paid monthly.
IRA Share Certificates
Lock in a higher rate for a full 6, 12, 24, or 36 months. $1,000.00 minimum balance required. Dividends are computed and paid quarterly.
CD (Certificate of Deposit)
Share Certificates offer premium, fixed rates for a specified term of 6 months or 1, 2, or 3 years. Minimum balance of $1,000.00 is required to open a share certificate. Dividends are computed and paid quarterly. Early withdraw penalties may apply.
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