A traditional IRA is a way to save for retirement that gives you tax advantages. Contributions you make to a traditional IRA may be fully or partially deductible, depending on your circumstances, and generally, amounts in your traditional IRA (including earnings and gains) are not taxed until distributed.

A Roth IRA is a retirement savings account that allows your money to grow tax- free.  It is subject to the rules that apply to a traditional IRA with the following exceptions:

• A contribution to a Roth IRA is not tax-deductible.
• If you satisfy the requirements’, qualified distributions are tax-free.
• You can make contributions to your Roth IRA after you reach age 72.
• You can leave amounts in your Roth IRA as long as you live.
• The account or annuity must be designated as a Roth IRA when it is set up.

An ESA is a trust or custodial account opened only for the purpose of paying the qualified education expenses of the designated beneficiary of the account.  When the account is established, the designated beneficiary must be under age 18 or a special needs beneficiary.  To be treated as a Coverdell ESA, the account must be designated as an ESA when it is created.  Contributions to an ESA are not deductible but amounts deposited in the account grow tax free until distributed.

• Minimum to open: Savings Plan: $25
• Minimum to earn dividends: Savings Plan: $0.01
• Monthly Service Fee: Savings Plan: $5.00 per month if the account is inactive for 12 consecutive months
• Transaction limits: Savings Plan: None but may subject to IRS penalties, see IRS Publication 590-B
  Transaction Fees: Savings and CD plans: $25.00 outgoing transfer fee, see Schedule of Fees
• NCUA Federally Insured: Insured up to $250,000 per individual depositor
• Interest Rates: Savings plan: Tiered interest rates, rate is determined by average account balance, compounds and pay quarterly. If account is closed before the quarterly posting of accrued dividends, no dividends will be paid. For current rate, see Current Deposit Rates.
• Statements are issued quarterly: you may sign up for e statements through Virtual Branch
• Required Minumum Distribution: Must begin by April 1 of the year following the year in which you reach age 72.