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IRA

We understand that in this current turbulent economy, many people have seen their retirement lose significant value.  That is why we have created the new Worry-Free IRA, so that you can be guaranteed to have a growing retirement fund.  We are also pleased to offer both Traditional and Roth IRAs as well as SEP Plans.

Traditional IRA

  • May make annual contributions
  • Contributions may be tax deductible+
  • Interest earned on IRA is not taxed until the funds are withdrawn+
  • IRA CD terms range from 7 days to 5 years
  • Jumbo CD's are also available for over $100,000 

Roth IRA

  • May make annual contributions
  • Contributions may be withdrawn tax-free, and IRS penalty free at any time for any reason+
  • Contributions are not tax deductible+ 
  • IRA CD terms range from 7 days to 5 years
  • Jumbo CD's are also available for over $100,000     

SEP Plans (Simplified Employee Pension)

  • Employer makes total contribution on the employee's behalf
  • Employees have immediate access to the contribution 
  • IRA CD terms range from 7 days to 5 years
  • Jumbo CD's are also available for over $100,000 
     

 To learn more, please contact your local Hometown Banker.

 

  

 


*The Annual Percentage Yield (APY) is a variable rate based on 65% of Wall Street Journal Prime (WSJP) and may change.  This rate is published daily in the Wall Street Journal or you may call TowneBank for the current rate.  Your rate will not fall below 2.00% APY.  As of 5/18/09, the APY is 2.11%.  No minimum balance required to earn APY.  Normal IRA regulations apply. 

+Please consult with your tax advisor regarding your unique financial situation. 




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