Individual Retirement
Account
An Individual Retirement
Account (IRA) is a savings plan to provide
retirement income. You are eligible to open this
account even if you are now participating in a
pension or profit-sharing plan. The interest you
earn is not taxable until withdrawal; however, there
may be restrictions on your deduction limits
(consult your accountant). Quoin Financial Bank
offers a variety of IRAs.
With an IRA
Certificate of Deposit, you can select a
maturity date from 30 days through five years. A
minimum deposit of $500 is required.
An IRA Savings
Account requires no minimum deposit. If you wish
to make smaller periodic contributions this account
may be best for you.
Quoin Financial Bank
offers both the Roth IRA and the Education IRA.
With a Roth IRA
your contributions are made with after-tax dollars,
and the income you earn is tax free!
An Education IRA
allows individuals to set aside contributions for a
child's education with after-tax dollars. You secure
a child's educational future with guaranteed
interest rates, and if used to pay higher-education
expenses, the earnings will not be taxed.
Contact a personal
banker for current rates and special promotions. |
