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Personal IRAs

Traditional IRAs:

This IRA is designed for individuals who want to save tax-deferred dollars and want their annual contributions to be tax-deductible. However, penalty-free withdrawals may be made at any time for college expenses or the purchase of a first home.*

Roth IRAs:

The major benefit of a Roth IRA is tax-free earnings growth. Although contributions to the Roth IRA are not tax-deductible, earnings grow tax-free and your contributions can be removed at any time without federal taxes or penalties.** You are not required to receive distributions at 70 1/2 and in most cases, you can pass your Roth assets to your heirs free of federal income taxes.

Withdrawal of earnings is tax-free when certain distribution rules are met.

Coverdell Education Savings Accounts (formerly the Education IRA):

This savings account is specifically designed to provide a tax-free way to save for education expenses for any minor child until the age of 18 on a nondeductible basis. This account can be used to pay for elementary and secondary education (K-12) expenses incurred in a public, private or religious school, as well as college, technical or postgraduate work. 

Earnings grow tax-free, and withdrawals for qualified education expenses are also tax-free



* Check with your financial advisor for more details about the IRA that's best for you and your tax-deductibility status.

** Bank penalties may apply for early withdrawal.