An Individual Retirement Account (IRA) offers the combined benefits of tax savings and solid income for your retirement. Whether you choose a Traditional or Roth IRA, Union Community Bank can help you find it with appropriate investments.
Summary
- Competitive rates
- Flexible terms
- Expert advise
Click to view our current rates.
Questions: Contact Customer Service
Types of IRAs
Traditional IRA
- Defer taxes on earnings until they are withdrawn
- Certain contributions are tax-deductible in the tax year for which they are made
- Eligibility: you must be under 70 ½ years of age for the entire tax year and you or your spouse must have earned income
- Please consult your tax advisor
Roth IRA
- A nondeductible retirement account featuring tax-free withdrawals, for you or your heirs, for certain distribution reasons after a five-year holding period
- Beneficial if you expect to be in a higher tax bracket when your retire, as contributions are nondeductible
- You or your spouse must have earned income, and modified adjusted gross income cannot exceed certain limits
- Please consult your tax advisor
IRA Statement Savings Plan
- Open account with minimum deposit of $50
- Add to your account weekly, monthly or anytime you choose
- Choose any amount allowable by law to invest during the year
- Accumulate $500 to qualify for the IRA Certificate of Deposit
IRA Certificate of Deposit
- Open account with minimum deposit of $500
- Interest rates vary depending upon the term
