Certificate of Deposit (CD)

• Variety of terms from 7 days to 5 years
• Open CD Statement Account
• Minimum opening deposit is $500
• There is a substantial penalty for early withdrawal from a CD

Individual Retirement Account (IRA) 

IRAs & Rollovers  

• Choose from IRA CDs or an IRA Investment Account

Traditional IRAs   

• Interest is tax deferred until you withdraw it
• Contribution may be fully or partially deductible depending on your income level and participation in an employee-sponsored retirement plan
• You can contribute if you are under age 70½ for the entire year and have earned income
• Funds may be withdrawn without penalty after you reach 59½ or sooner for other reasons (disability, excessive medical expenses, higher education, first time home purchase) within certain limitations
• Funds must start to be distributed after reaching age 70½ years
• Open an IRA CD or IRA Investment Account

 Roth IRAs  

• Nondeductible from your taxes
• Tax-free withdrawals once you fulfilled certain criteria
• You can still contribute even beyond the age of 70½ years
• You may contribute $5,000 or $6,000 (depending on your age) or up to 100% of your income whichever is less, as long as your Modified Adjusted Gross Income (MAGI) is within the limits shown below
• After holding the Roth IRA for a five-year period, upon reaching age 59½ you may begin to take distributions from your Roth IRA and you will not pay any federal taxes on any of the contributions or earnings
• Plus, with a Roth IRA, there is no mandatory age to begin making withdrawals
• Open an IRA CD or IRA Investment Account

If you are under 50 years of age at the end of 2013: The maximum contribution that you can make to a traditional or Roth IRA is the smaller of $5,500 ($6,500 if you're age 50 or older) or the amount of your taxable compensation for 2013. This limit can be split between a traditional and a Roth IRA but the combined limit is $5,000. The maximum contribution to a Roth IRA and the maximum deductible contribution to a traditional IRA may be reduced depending upon your modified adjusted gross income (modified AGI).

Coverdell Education Savings Account 

• Previously called the Education IRA
• Designed to help parents, grandparents, aunts or uncles save for a family member's or loved one's higher education 
• Contributions are not tax deductible
• Earnings are tax-free
• Funds must be to pay for primary, secondary or college education expenses for a designated person
• Contributions can be as much as $2,000 per year, per designated person
• Designated beneficiary must be under the age of 18
• Any balance must be distributed within 30 days after the date the beneficiary reaches age 30
• No age limit requirement for special needs adults