CHECKING
Traditional IRA*:
- No monthly service fee
- $50 minimum balance to open and earn dividends
- Tax-deferred earned and possibly tax-deductible contributions
- $6,000 maximum annual contribution
- No penalties if withdrawals are made at 59.5 or older
- Minimum withdrawals must be made by the age of 70.5
- Withdrawals may be considered taxable
- Federally insured by NCUA up to $250,000
Roth IRA*:
- No monthly service fee
- $50 minimum balance to open and earn dividends
- Contributions are not tax deductible and can be made up to any age
- Withdrawals are tax deductible after five-year holding period
- $6,000 maximum annual contribution
- Begin withdrawing at 59.5 years old
- Federally insured by NCUA up to $250,000
Coverdell IRA*:
- No monthly service fee
- $50 minimum balance to open and earn dividends
- $2,000 maximum annual contribution per child
- Contributions can be made until the child is 18 years old
- Withdrawals are tax free when used for qualified educational expenses
- Contributions are taxable
- Federally insured by NCUA up to $250,000
