Planning for your future retirement income through an Individual Retirement Account
with the Bank of Geneva can offer substantial tax savings immediately, while earning
tax-deferred income for those retirement years.
To be eligible to contribute to a Traditional IRA, you must have earned income and
be under age 70 ½ for the entire tax year. Deductibility of your contribution is
based on whether you are an active participant under a qualified retirement plan,
your adjusted gross income, and your tax-filing status.
The Bank of Geneva offers various fixed-rate certificates of deposit ranging in
terms of 182 days to 60 months. You make the choice depending upon your needs. A
substantial penalty for early withdrawal may be imposed even after age 59 ½.
The Bank of Geneva also offers a savings account for periodic deposits. You may
invest these funds in a certificate of deposit after reaching a $1,000.00 balance.
Other types of IRAs available at the Bank of Geneva include:
- Educational IRAs
- Roth IRAs
- Self-Directed IRAs
- SEP (Simplified Employee Pension) IRAs
- SIMPLE IRAs
- Spousal IRAs
If you are entitled to receive an eligible rollover distribution from an employer-maintained
retirement plan, please contact our staff to discuss your options.
Your combined Individual Retirement Account balances are insured by the Federal
Deposit Insurance Corporation (FDIC).
Deposit accounts at the Bank of Geneva are insured by the Federal Deposit Insurance
Corporation (FDIC). Request a Truth-in-Savings disclosure for further details on
this account.