IRA Accounts
Having a nest egg for retirement is no longer a guarantee. Boost your retirement savings today by opening an Individual Retirement Account (IRA) at Plaza Park Bank. This investing tool allows you to earmark dollars for your future retirement or college tuition for your children while relishing the tax advantages today.
IRA Options
Plaza Park Bank provides a series of IRA options to suit your needs:
- Traditional IRA: Contributions may be tax deductible and earnings may be tax deferred. An account must be designated as a Traditional IRA when it is opened in order to receive the special benefits it provides.
- Roth IRA: Contributions are not deductible, but the interest earnings accumulate tax-free. An account must be designated as a Roth IRA when it is opened in order to receive the special benefits it provides.
- Education IRA: This tax-advantage savings vehicle can only be used for college expenses. Unlike traditional & Roth IRAs, the funds contributed to the account are considered a gift to the beneficiary under the age 18. The rules are complicated for the distributions from an Education IRA in that they must be coordinated with other education plans (such as State Tuition Plans or HOPE and Lifetime Learning Tax Credit).
Easy Set Up
- No Set Up Fee
- Various fixed rate term certificates of deposit
- Variable rate savings
- Competitive interest rates
IRA Annual Maintenance Fee: $15.00/annual
IRA External* Transfer Fee (per transfer): $15.00/withdrawal
IRA Rollover Fee (per transfer): $15.00/withdrawal
*No transfer fee for internal transfers
Making the decision about which IRA is right for you is going to take some solid analysis. We recommend that you review all your IRA options with your financial advisor, choose the one that best suits you and then come in and open your account with your personal banker.
*Interest rates are subject to change at the bank’s discretion.