Individual Retirement Accounts (IRA)
Waiting for rates to rise? Enjoy a great guaranteed rate now with the flexibility to earn more if rates rise.
2.00% APY* for 66 months with a one-time bump option. Open a CD or IRA today!
*Annual Percentage Yield (APY) is accurate as of 01/18/15. A minimum balance of $5,000 is required to open account and earn current Annual Percentage Yield. A penalty may be imposed for early withdrawal. APY is based on term of CD purchased; fees could reduce earnings. Rate may change after account is open.
An IRA is a tax-advantaged* savings plan built around your individual needs that can make a world of difference in your retirement living. We offer competitive rates, no annual maintenance fees, and personalized service from our experienced staff. Spend your golden years worry free — ask us how to get started today.
- Tax-advantaged retirement savings*
- Traditional, Roth IRAs, or Coverdell accounts available
- No setup or administrative fees
- No monthly or annual maintenance fees
*Please consult your tax advisor
- Traditional vs. Roth
The primary benefits of the Traditional IRA include the tax-deferred growth of your investments and the possible tax-deductibility of your contributions. Everyone under age 70 ½ at the end of the year, with earned income, is eligible to contribute – there's no income limit.
The Roth IRA provides no deduction for contributions, but instead provides a benefit that isn't available from any other form of retirement savings: if you meet certain requirements, all earnings are tax-free when you or your beneficiaries withdraw them.
Please consult with your tax advisor on which IRA is the best fit for you.
- Coverdell Educational Savings Account
This investment product is specifically designed to pay for the future cost of a child's education. Contributions and earnings are tax-free when withdrawn to pay for qualified education expenses. Ask your Denmark State Bank representative for more information about this useful account.
- Save to fund your children's education
- No setup or annual fee
- Dividends grow tax-free
- Withdrawals are tax-free when used for qualified education expenses*
- Designated beneficiary must be under 18 when contributions are made
- $2,000 maximum annual contribution per child*
- Contributions are not tax deductible
- Certain income limits apply for contributions*
You can also visit Coverdell Education Savings Accounts for more information.
*Subject to terms and conditions. Consult a tax advisor.
*Please consult a tax advisor.