Personal Services - Savings
- IRAs
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) up to a maximum of $100,000.
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.
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