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Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)

There's plenty of debate on a lot of topics in life. But one has unanimous agreement: the sooner you begin preparing for retirement, the better.


Florence Savings Bank offers Traditional, Roth, and Education IRAs that each offer excellent tax benefits. Most importantly, though, is the peace of mind that your future financial security is FDIC and DIF insured with a community bank you can trust.


And, don't forget to visit Retirement Central for comprehensive, easy-to-understand information that will help you focus on the financial issues pertinent to your current circumstances.

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Summary
  • Open an IRA with FSB with as little as $10
  • Interest compounds monthly
  • Penalty for early withdrawal*
  • Wide range of options and terms
  • Traditional IRA: Tax-deferred interest earnings until withdrawal
  • Roth IRA: Tax-free interest earnings upon withdrawal
  • Education IRA: Tax-free distributions for qualified education expenses

*There are some exceptions to make early, penalty-free withdrawals from your IRA, such as medical expenses not covered by insurance, purchasing a first home, higher education expenses, and more.

IRA Certificates of Deposit
  • Available terms: 12, 18, 36, and 60 months
  • No monthly or annual fees
  • Minimum deposit of $500 to open
  • Guaranteed interest rate for the term of the certificate
  • Funds may be added at maturity
  • As with most CDs, there may be a penalty for early withdrawal
  • Online Banking
Statement Savings IRA Account
  • Minimum deposit of $10 to open
  • Variable interest rate
  • No monthly or annual fees
  • Option to make additional deposits of any amount at any time
  • Monthly statement for accurate record keeping
  • Online Banking

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