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Certificate of Deposits & Individual Retirement Accounts

We realize you have worked hard to build your financial wealth and that planning for your future can be challenging. Whether your needs include saving for college, travel, or building your retirement, selecting an investment can be a difficult choice. Our trusted advisors are here to help you make the best selection for your financial goals. We provide you with an array of products and services to help you make your dreams a reality.

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Individual Retirement Accounts are a great way to supplement your retirement income. They allow you the ability to delay paying taxes on earnings and, in some instances, even the contributions (deposits) until distributions (withdrawals) are taken.

Individual Retirement Accounts (IRA)


If you are younger than 70 ½, have compensation, need a tax-deferred savings tool, and are looking for ways to supplement your retirement income, this may be the product for you. You may choose from as few as three (3) months or as long as five (5) year terms, and open your account with as little as $100. We encourage you to consult with your tax or legal advisors to determine if this account type is right for you.

Consult with a tax advisor to define if you qualify for a tax deductible contribution. Certain additional qualifications must be determined such as income restrictions and contributions to an employer- sponsored plan, will govern if you qualify for this product. This information is not intended to provide legal or tax advice, but merely provide an overview of the features of this product. For specific information related to your individual circumstances, you are encouraged to consult your tax or legal professional.


Roth IRA contributions are non-deductible, but this account features tax-free withdrawals for certain distribution reasons after a five year holding period. This allows for your regular contribution amounts to be used first for a distribution without tax or penalty, and you will not have to pay taxes on your earnings as long as you take them as a qualified distribution.* You may choose from as few as three (3) months or as long as five (5) year terms, and open your account with as little as $100. We encourage you to consult with your tax or legal advisors to determine if this account type is right for you.

*Qualified distributions could include any of the following: distributions made on or after the date on which you attain the age of 59 ½, Distributions made to your beneficiary or your estate upon your death, distributions attributable to you being disabled and qualified first-time home purchase distribution.

Coverdell Education IRA

This IRA product is for the benefit of educational expenses. It is a non-deductible account that features tax-free, penalty free withdrawals for the purpose of paying a child’s education expenses.* There are specific income thresholds that cannot be exceeded in order to participate. However, there are no compensation requirements or age restrictions for those who wish to contribute. Contributions cannot exceed $2,000 annually per child.

*Education expenses are classified as tuition; fees, books, supplies and equipment required for the enrollment or attendance at an eligible higher education institution are qualified expenses. This includes vocational schools, college, or university; all accredited public, nonprofit, and proprietary post-secondary institutions. Elementary and Secondary education includes kindergarten through grade 12 at public, private or religious school as determined by state law. Allowable expenses such as tuition, fees, books, supplies, equipment and room and board all qualify. You may also use for uniforms, transportation and computer technology, equipment or internet access and related services if used during the designated beneficiary’s school year.

Rollovers, Direct Rollovers, and Transfers

A rollover, direct rollover or transfer will allow you to move your assets from one tax-advantaged retirement plan into another.  This will allow you to avoid possible income and penalty taxes and continue tax-deferred growth until withdrawn. There are unique differences with each type so we recommend you consult your tax or legal advisor to see which option is best for you.


  • Rollover assets are paid directly to the IRA owner
  • The exact amount removed from one IRA must be deposited into a like IRA within 60 calendar days of receipt to avoid a penalty. The 60-day period begins the day after you receive the distribution
  • You may only transact one (1) rollover during any twelve month period, per IRA account
  • This transaction type is reported to the IRS when the asset exits and enters the account(s)

Direct Rollovers

  • Used to transfer a qualified employer plan into an IRA or another qualified employer


  • IRS reporting will occur
  • Assets are paid directly to the IRA or other qualified employer plan without you having custody of the assets
  • If the entire amount of the qualified employer plan is directly rolled into an IRA, there will be no federal income tax withhold
  • Distribution amounts you choose to retain from a qualified employer plan, not included in your direct roll over, may be subject to a 20 percent federal income tax withholding at time of distribution, may be taxed as ordinary income and may incur a 10 percent additional penalty tax if younger than 59 ½
  • Rollovers of qualified employer plans to Roth IRAs are generally taxed as ordinary income but avoid the 10 percent penalty tax


  • Occurs when IRA assets are moved directly from one IRA to another IRA without the account owner having custody of the assets
  • There are no limits to the number of transfers you may do in a year
  • Does not generate the IRS reporting that occurs with a Rollover

Savings and Checking accounts, CDs, and IRAs have the security of FDIC Insurance. Please visit this official site http://fdic.gov/ or www.fdic.gov/EDIE/ to determine what your coverage level is. You may also visit the IRS website for further explanation http://www.irs.gov/

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