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IRAs

It takes careful planning to ensure a financially secure retirement. With this in mind, New Tripoli Bank offers a variety of attractive Individual Retirement Account (IRA) options (Traditional, Roth, Coverdell, Simplified Employee Pensions) and terms. IRA funds are insured by the FDIC separately from non-retirement plans, up to $250,000.00 per financial institution.

CHOOSE A PLAN:
Traditional IRA
  • Contributions you make may be tax-deductible based on your maximum adjusted gross income (MAGI) (you may be able to claim the deduction even if you don’t itemize deductions on your taxes)
  • Retirement savings grow tax-deferred
  • Earnings aren't taxed until you start withdrawing money after you retire
Roth IRA
  • No tax deduction allowed for contributions, but if certain requirements are met, distributions can be entirely tax-free
  • Earnings grow tax-deferred
  • Contributions aren’t taxed when you withdraw them in retirement
Coverdell Educational IRA
  • Tax-advantaged account specifically designed for paying qualified education expenses
  • $2,000.00 annual contribution limit per beneficiary (virtually anyone can contribute)
  • Allowable contribution based on maximum adjusted gross income (MAGI)
  • Contributions are not tax-deductible, but qualified distributions are tax-free
  • Contributions must end when the beneficiary turns 18
  • Funds must be disbursed or rolled over by the beneficiary’s 30th birthday
CHOOSE A PRODUCT:

Select the product that works best for you. Keep in mind that your IRA funds are insured by the FDIC up to $250,000.00.

IRA Savings Account 
  • No minimum initial deposit required
  • Pays interest when you maintain a minimum account balance of $20.00
  • Interest is compounded daily and credited monthly
  • No monthly maintenance fees
  • Make additional contributions at any time
  • Quarterly account statements 
IRA Variable Account
  • Pays an attractive rate of interest which may vary over the 18-month term
  • Minimum deposit of $250.00
  • Subsequent deposits can be made in any amount
  • Automatically renews at maturity
  • Interest compounded on a daily basis and credited to your account monthly
  • Quarterly account statements
IRA Certificates of Deposit
  • Rates tied to our CD rates
  • Minimum deposit of $500.00
  • Terms range from 91 days up to 60 months
  • Automatically renewable
  • Interest fixed for the term of the account
  • Interest compounded on a daily basis and credited to your account either monthly or annually and at maturity
  • Contributions may be made only at the maturity of your CD