Individual Retirement Accounts (IRAs)

Questions?

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Principal contributions can be withdrawn without penalty*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!