Since you’ve already taken a smart step toward growing your savings, I want to suggest a few options that offer flexibility and additional ways to make your money work for you:
Personal Money Market
- Minimum of $1 to open
- Tiered, variable rates of interest earned on daily balances
- $10 monthly minimum balance fee if account balance falls below $1,000
Interest Checking
- Minimum of $1 to open
- Tiered, variable rates of interest earned on a daily balance of $1,000 or more
- Unlimited check writing
- $8 monthly minimum balance fee if account balance falls below $1,000
Individual Retirement Accounts (IRAs)
IRAs are one of the safest investments you can make - save for today and for your future.
Traditional IRA
- Earnings grow tax-deferred until you withdraw the funds after age 59 1/2. Then, the earnings are taxed at the then-current tax rate
- Get started with as little as $1,000
- Contributions may be tax deductible (Age and income govern eligibility. Consult your tax advisor to determine if you qualify for any tax deductions)
- Earnings are tax-deferred, so your investments can compound faster
- Pay no taxes on earnings until money is withdrawn
- Safe deposit account that can preserve and grow funds at a guaranteed rate of return
Roth IRA
- Contributions are made with after-tax dollars
- Earnings grow tax-free*
- Contributions (not earnings) can be withdrawn at any time
- Tax-free distribution at retirement*
- Income requirements govern eligibility
- Leave your money in as long as you want (no minimum distributions)
- Safe deposit account that can preserve and grow funds at a guaranteed rate of return
*If withdrawn after age 59½ and the account has been open for 5 years or more (begins with tax year of the first contribution).
