» Home » Personal Services » Individual Retirement Accounts (IRAs)
Print

Individual Retirement Accounts (IRAs)

Helping you invest in your future by saving for retirement.

The Traditional IRA

An account which allows earnings to compound over time on either a federally tax-free or tax-deferred basis. Investments in tax-advantaged accounts can compound more quickly than taxable accounts.

The Roth IRA
The Roth IRA provides no deduction for contributions, but instead provides a benefit that isn't available for any other form of retirement savings: if you meet certain requirements, all earnings are tax-free when you or your beneficiary withdraw them. Other benefits include avoiding the early distribution penalty on certain withdrawals and avoiding the need to take minimum distributions after age 70.5. Please contact your tax advisor for more specific information when determining your eligibility for a Traditional or Roth IRA contribution or withdrawal.

Fixed-Rate IRA

A convenient way to start saving for retirement. You can begin by depositing as little as $500 in any fixed-rate IRA. Choose from 6-month, 1-year, 2-year, 3-year or 5-year plans.

  • Minimum opening deposit of $500.
  • Additional deposits of $25 or more may be made at any time during the term.
  • Maturity terms include 6, 12, 24, 36 or 60 months.
  • Interest will be compounded daily on collected balances and paid to the account monthly.
  • Interest begins to accrue no later than the business day Central Bank received credit for the deposit or noncash items (for example - checks).
  • Customers can transfer their IRA from another institution (in each case the customer must be able to prove to the IRS that they have reinvested their IRA in another approved plan).
  • Click here for additional disclosures.
Variable-Rate IRA Plan
With a minimum deposit of $100, Central Bank's variable-rate IRA allows flexibility for your retirement savings with an 18-month term. While earning a variable rate of interest, this account allows you to make additional deposits as small as $25 up to your annual limit. These subsequent deposits will have the same maturity date as your original deposit.
  • Minimum opening deposit of $100.
  • Additional deposits of $25 or more may be made at any time during the term.
  • Maturity term is 18 months with the first deposit determining the maturity date: subsequent deposits will have the same maturity date as the first deposit.
  • Interest is compounded daily on collected balances and paid to the account monthly.
  • Customers can transfer their IRA from another institution (in each case the customer must be able to prove to the IRS that they have reinvested their IRA in another approved plan).
  • Refer to Traditional or Roth IRA sections for information regarding distributions and contributions.
  • Central Bank's IRAs are FDIC-insured.
  • Click here for additional disclosures.
Online Banking Services
CentralNET Consumer & Small Business
/


CentralNET Business