It takes planning to enjoy a financially secure retirement. New Tripoli Bank offers a variety of IRA options (Traditional, Roth, Coverdall, Simplified Employee Pensions) and terms. It's reassuring to know that bank IRA funds are insured by the FDIC separately from any other non-retirement plans, up to $250,000.00 per financial institution.
Choose a Plan:
Traditional IRA
With a Traditional Individual Retirement Account, the 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 and earnings aren't taxed until you start withdrawing money after you retire.
Roth IRA
With a Roth IRA, no tax deduction is allowed for contributions, but if certain requirements are met, distributions can be entirely tax-free. Earnings grow tax-deferred and your contributions won't be taxed when you withdraw them in retirement.
Coverdell Educational IRA
The Coverdell Educational IRA is a type of tax-advantaged account specifically designed for paying qualified education expenses. There is a $2,000.00 annual contribution limit per beneficiary, and virtually anyone can contribute. As a contributor your allowable contribution is based on your maximum adjusted gross income (MAGI). Contributions are not tax-deductible, but qualified distributions are tax-free. Contributions must end when the beneficiary turns 18 and the funds must be disbursed or rolled over by the beneficiary's 30th birthday.
Simplified Employee Pensions (SEPs)
Simplified Employee Pension (SEP) plans are an excellent way to help your employees get a head start on retirement savings. Contributions are made solely by the employer for eligible employees. The contributions may be tax deductible based on the employee's maximum adjusted gross income.
Choose a Product:
Select the product that works best for you. And remember your IRA funds with us are insured by the FDIC up to $250,000.00.
IRA Savings Account
Rates | Financial Calculator
Our IRA Savings Accounts pay interest when you maintain a minimum account balance of $20.00. Interest is compounded daily and paid monthly. No minimum deposit is required to open an IRA Savings Account and there are no monthly maintenance fees. You may make additional contributions at any time. You will receive a monthly statement of your account activity.
IRA Certificates of Deposit
Rates | Financial Calculator
Fixed rate IRAs are tied to our Certificate of Deposit rate. Choose the term that works for you. Our IRA CD terms range from 91 days up to 60 months. Our CDs have a minimum deposit of $500.00 and are automatically renewable. Interest is fixed for the term of the account. Interest is compounded on a daily basis and credited to your account either monthly or annually and at maturity. Contributions to your IRA may be made only at the maturity of your CD.
IRA Variable Account
Rates | Financial Calculator
Our IRA variable account pays an attractive rate of interest which may vary over the 18 month term. This account has a minimum deposit of $250.00 and subsequent deposits can be made in any amount, whenever you can afford it. This account will automatically renew at maturity. Interest is compounded on a daily basis and credited to your account monthly. You will receive a monthly statement of your account activity.
Choose a Plan:
Traditional IRA
With a Traditional Individual Retirement Account, the 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 and earnings aren't taxed until you start withdrawing money after you retire.
Roth IRA
With a Roth IRA, no tax deduction is allowed for contributions, but if certain requirements are met, distributions can be entirely tax-free. Earnings grow tax-deferred and your contributions won't be taxed when you withdraw them in retirement.
Coverdell Educational IRA
The Coverdell Educational IRA is a type of tax-advantaged account specifically designed for paying qualified education expenses. There is a $2,000.00 annual contribution limit per beneficiary, and virtually anyone can contribute. As a contributor your allowable contribution is based on your maximum adjusted gross income (MAGI). Contributions are not tax-deductible, but qualified distributions are tax-free. Contributions must end when the beneficiary turns 18 and the funds must be disbursed or rolled over by the beneficiary's 30th birthday.
Simplified Employee Pensions (SEPs)
Simplified Employee Pension (SEP) plans are an excellent way to help your employees get a head start on retirement savings. Contributions are made solely by the employer for eligible employees. The contributions may be tax deductible based on the employee's maximum adjusted gross income.
Choose a Product:
Select the product that works best for you. And remember your IRA funds with us are insured by the FDIC up to $250,000.00.
IRA Savings Account
Rates | Financial Calculator
Our IRA Savings Accounts pay interest when you maintain a minimum account balance of $20.00. Interest is compounded daily and paid monthly. No minimum deposit is required to open an IRA Savings Account and there are no monthly maintenance fees. You may make additional contributions at any time. You will receive a monthly statement of your account activity.
IRA Certificates of Deposit
Rates | Financial Calculator
Fixed rate IRAs are tied to our Certificate of Deposit rate. Choose the term that works for you. Our IRA CD terms range from 91 days up to 60 months. Our CDs have a minimum deposit of $500.00 and are automatically renewable. Interest is fixed for the term of the account. Interest is compounded on a daily basis and credited to your account either monthly or annually and at maturity. Contributions to your IRA may be made only at the maturity of your CD.
IRA Variable Account
Rates | Financial Calculator
Our IRA variable account pays an attractive rate of interest which may vary over the 18 month term. This account has a minimum deposit of $250.00 and subsequent deposits can be made in any amount, whenever you can afford it. This account will automatically renew at maturity. Interest is compounded on a daily basis and credited to your account monthly. You will receive a monthly statement of your account activity.
