Rates
Plan ahead for your golden years with an IRA from Quoin Financial Bank. This savings plan helps you get there, with competitive rates and a variety of options to suit your specific needs and guarantee a financially sound retirement.
You can open this account even if you participate in a pension or profit-sharing plan. And because there is no minimum deposit, there's no excuse not to start saving now toward a happy retirement. Ask one of our financial experts and get started today!
Summary
- Tax-advantaged retirement savings*
- Competitive interest above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- $5,500 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase CDs within IRA
- Maturity date from 30 days through five years
- $500 minimum deposit to open
Contact a personal banker for current rates and special promotions.
*Consult a tax advisor.
Traditional vs. Roth
Quoin Financial Bank offers two main kinds of IRA to choose from, each with distinct tax advantages*. We recommend you consult a tax advisor to help you decide which one is best suited for your specific situation and goals.
Traditional IRA
- No income limits to open
- No minimum contribution in any year
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70½
Roth IRA
- Income limits to be eligible to open Roth IRA
- Contributions are NOT tax deductible
- Earnings are 100% tax FREE at withdrawal*
- Principal contributions can be withdrawn without penalty*
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty**
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
Education IRA
Secure your child's educational future with an Education IRA. This tax-advantaged investment account allows you to set aside any amount, up to $2,000 annually per child. It provides guaranteed interest rates, so your tax-free investment grows steadily. When the time comes, you can make a tax-free withdrawal to pay for qualified expenses like tuition and fees, books, computers, and more!
- Save to fund your children's education
- No setup or annual fee
- Dividends grow tax-free
- No minimum balance to earn interest
- Withdrawals are tax-free when used for qualified education expenses*
- Designated beneficiary must be under 18 when contributions are made
- $2,000 maximum annual contribution per child
- Contributions are not tax deductible
- Certain income limits apply for contributions
- The money must be withdrawn by the time beneficiary turns 30
- It can be rolled over without penalty to another family member
- $500 minimum deposit to open
*Qualified expenses include tuition and fees, books, supplies, board, etc.
