Individual Retirement Accounts were created to help an individual save for retirement! Alliance Bank invests funds into CDs, but the funds can be invested into mutual funds, stocks, bonds, etc. through our Investment Center. Think of IRAs as a "set of rules" rather than a specific product.  
 
The information provided below is in regards to Alliance Bank IRA products.  
Visit MY FUTURE for more IRA options. 
 
Check Rates & Terms 
 
Traditional IRAs 
A Traditional IRA is a personal retirement savings plan with tax advantages. The investment grows tax-deferred until its withdrawn upon retirement. 
 
Roth IRAs 
This is an ideal investment if you think you may be in a higher tax bracket when you retire. The Roth IRA gives you the ability to invest your after-tax dollars today, let the investment grow tax-deferred, and take qualifying withdrawals tax-free. 
 
SEP IRAs 
A Simplified Employee Pension (SEP) is a company-sponsored IRA that allows your employer to contribute to your existing IRA. These contributions are tax deductible. 
 
 
IRA Details 
  • Only One Person Owns an IRA. It is never a joint account; however, beneficiaries can be appointed.
  • The Account Holder must have Earned Income.
  • Other Eligibility Requirements may apply based on your personal state of affairs.
  • Fixed & Variable Rates available
  • Fixed Rate  Minimum balance to open:    $1,000.00  Terms Available:     1 to 5 years
  • Variable Rate  Minimum balance to open:  $100.00  Term Available:        18 months
  •             Variable Rates subject to change weekly 
  • Monthly Statements are available:
  • When the IRA is combined to a Checking Account statement
  • When combined, your statement is accessible with Online Banking.
  •                           Click on the Online Services tab to tell the system which statements you'd like to see online. 


                                                                             Traditional IRA                     Roth IRA 
    Eligibility                                                          Under age 70½                       Any Age 
     
    Tax Deductibility                                                    YES                                        NO 
     
    Distribution                                                  Must take at age 70½          None Required 
     
    W/D Penalties                                           Cannot w/d until age           You can w/d your  
                                                                              59½ without penalty               contributed amount  
                                                                                                                                 anytime w/o tax or IRA  
                                                                                                                                 penalty; you pay tax on 
                                                                                                                                 earned income. 
     
    TAX YEAR Contribution Limits Catch-Up Limit* 
        2011                                                                       $5,000                                    $1,000 
        2012                                                               Not Yet Available                  Not Yet Available 
     
    * Example:  If age 50+, you may contribute $6,000 for 2011. 


    FDIC
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