Planning for your future retirement income through an Individual Retirement Account with the Bank of Geneva can offer substantial tax savings immediately, while earning tax-deferred income for those retirement years.
To be eligible to contribute to a Traditional IRA, you must have earned income and be under age 70 ½ for the entire tax year. Deductibility of your contribution is based on whether you are an active participant under a qualified retirement plan, your adjusted gross income, and your tax-filing status.
The Bank of Geneva offers various fixed-rate certificates of deposit ranging in terms of 182 days to 60 months. You make the choice depending upon your needs. A substantial penalty for early withdrawal may be imposed even after age 59 ½.
The Bank of Geneva also offers a savings account for periodic deposits. You may invest these funds in a certificate of deposit after reaching a $1,000.00 balance.
Other types of IRAs available at the Bank of Geneva include:
If you are entitled to receive an eligible rollover distribution from an employer-maintained retirement plan, please contact our staff to discuss your options.
Your combined Individual Retirement Account balances are insured by the Federal Deposit Insurance Corporation (FDIC).
Deposit accounts at the Bank of Geneva are insured by the Federal Deposit Insurance Corporation (FDIC). Request a Truth-in-Savings disclosure for further details on this account.
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