Individual Retirement Account (IRA)
Take your retirement into your own hands... let our experts set you up with an Individual Retirement Account that fits you and your future plans.
We have four different options that offer you flexible terms, maximize tax benefits, and are FDIC insured.
So contact us today and we'll help set you on a path towards the light at the end of your financial tunnel.
- Summary
Invest in your retirement when you let Legend Bank help you arrange your retirement based on your lifestyle and your needs.
- Competitive rates
- Tax advantages
- Fixed and Variable rates
- IRAs to suit your needs and lifestyle
- Plan now for your retirement
- $500 minimum to open
- FDIC Insured
See "More Information" tab for more details.
- Types
Traditional
Retirement investment program (interest is tax-deferred) for the accumulation of funds until eligible for distributions between ages 59½ and 70½
Roth
Contributions are not tax-deductible, but taxes do not have to be paid on the earnings. Funds do not have to be distributed during the account holder's lifetime.
Coverdell
Coverdell Education Savings Account is designed to help families save for their children's education expenses. CESA contributions are not tax deductible, but earning are tax deferred and distributions for qualified education expenses are tax free.
- More Information
- Contributions are accepted up to the lesser of 100% of earned income or $5,000
- $500 minimum deposit to open a variable-rate IRA, or a fixed-rate IRA
- Catch-up contributions available for ages 50 and over
- A variety of maturity options with high interest rates are available
- Term 6 months to 5 years
- Fixed-rate IRA interest rates are guaranteed for length of certificate
- Make deposits, withdrawals and transfers
- Interest earnings are not taxed on Roth IRAs
- Substantial penalty for early withdrawal
- FDIC Insurance
- Check your balance with Legend Online Banking or 1st response
Rates:
Variable rate: Open with $500 (18 month IRA only)
Fixed rate: Open with $500
