Individual Retirement Account
Is an IRA Right For You? Take our Denmark State Bank One-Minute IRA Test and find out. Then call one of our customer service representatives 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
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.
Roth IRAs provides no deduction for contributions, but instead provide 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.
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 Contributions and earnings are tax-free when withdrawn to pay for qualified education expenses.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*
For more information, visit Coverdell Education Savings Accounts.
*Subject to terms and conditions. Consult a tax advisor.