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!

  • 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  • Principal contributions can be withdrawn without penalty*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.