 Individual retirement accounts (IRA’s) are special savings accounts that allow individuals to save money for retirement while deferring taxes on the interest until the funds are withdrawn. First consult your tax advisor for details. Then ask any of our Customer Service Representatives to explain the nature of these accounts in more detail. Let Green Belt Bank & Trust help you on the road to a financially secure retirement.
The Traditional IRA
If you are under the age of 70 ½ for the entire year and have earned income, you are able to establish or contribute to a Traditional IRA and you may receive a tax deduction for your contribution. If you are not a participant in another employer sponsored retirement plan, your contribution may be tax deductible. If you participate in an employer sponsored plan, you may still be eligible to contribute, but all or part of your contribution may be non-deductible.
The Roth IRA
You can contribute to a Roth IRA if you have earned income and your modified adjusted gross income (MAGI) does not exceed certain limits. With a Roth IRA, your contributions are not tax deductible, but your interest and withdrawals from the account are completely tax free after a five year holding period. There are also no age restrictions to a Roth IRA.
Simplified Employee Pension
A Simplified Employee Pension (SEP) plan is a retirement plan established by an employer. Each year, the employer can contribute a certain percentage of each eligible employee’s compensation directly to an employee’s traditional IRA. Business owners, incorporated or not, sole proprietors and partnerships may all establish SEPs even if there are no employees. If you have another retirement plan, you may not establish a SEP.
Coverdall Education Savings Account (formally known as Education IRA)
The Coverdell Education Savings Account (CESA) is a nondeductible account that features tax free withdrawals for a very specific purpose – a child’s education expenses.
Features of Green Belt Bank & Trusts IRA’s:
- No start up fees
- No maintenance fees
- Variable Rate CD with $20.00 minimum
- Fixed rate CD’s with $500.00 minimum
- FDIC Insured up to $250,000 (Roth, Traditional, SEP)
Call or contact us for more information on any of Green Belt Bank & Trust’s IRA investment products. It’s never too late to begin saving for your retirement or education.
If you are looking for safety as well as a solid rate of return when you invest, consider a Green Belt Bank & Trust Certificate of Deposit. We offer a wide range of certificates with various terms and interest rates depending on your investment needs.
- Choose maturity from 3 months to 60 months
- Periodic additions permitted to 1 year CD
- Interest payable by check or direct deposit, monthly, quarterly, annually
- Insured by FDIC
- “Option-Up” feature on 36, 48, 60 month CD’s
“Option Up” Certificate of Deposit Feature:
Green Belt Bank & Trust offers an “Option-Up” feature on our 36-month, 48-month and 60-month Certificates of Deposit. This feature allows the consumer to purchase a longer term CD and still have the opportunity to take advantage interests rates that may rise in the future.
This one-time option allows the CD owner to exchange the interest rate of their CD to a new rate. The new interest rate will be the rate we are offering on a time account with a term equal to the remaining term of the original CD. The date on which the “Option-Up” feature is exercised will not alter the original maturity date of the CD and some restrictions may apply.
Savings Bonds make great gifts for birthdays, weddings, graduations, births, and special holidays. Savings Bonds are also a great way to save for your college education.
Savingsbonds.gov is a website designed to answer questions about savings bonds, but that's not all. At this site you can also:
- Buy savings bonds online
- Check the growth of your bond with an online calculator
- Check to see if your bonds have stopped earning interest
- Check current interest rates
Green Belt Bank & Trust will assist you in ordering or redeeming
- EE Bonds
- I Bonds
- HH Bonds (redemption only)
Green Belt Bank & Trust will redeem all bonds.
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