| Traditional IRA Variable & Fixed Rate | Roth IRA Variable & Fixed Rate | Coverdell Education Savings Account Variable & Fixed Rate | Simplified Employee Pension IRA Variable & Fixed Rate | |
|---|---|---|---|---|
| Description: | The traditional IRA account allows you to contribute earned income and defer taxes on contributions and earnings until they are withdrawn | Contributions are taxed going into IRA account, but no tax is paid on qualified withdrawals A great tool to help plan for retirement |
Designed specifically for those saving for educational purposes | For employers who want to provide a tax-advantage savings method for themselves and their employees |
| Minimum Opening Deposit: | Based on account type requirements See terms and conditions |
Based on account type requirements See terms and conditions |
Based on account type requirements See terms and conditions |
Based on account type requirements See terms and conditions |
| Terms: | Varies with program or ask a representative for details | Varies with program or ask a representative for details | Varies with program or ask a representative for details | Varies with program or ask a representative for details |
| Tax Deferral Status: | Contributions may be tax deductible* Earnings are taxed deferred until withdrawn* |
Contributions are not tax deductible* No taxes paid on qualified withdrawals of earnings* |
Contributions are not tax deductible* No taxes paid on withdrawals of funds for qualified education expenses* |
Contributions may be tax deductible to employers* Taxes are deferred until withdrawn* |
| Allowable Contributors: | Individuals under 70 1/2 years of age |
Individuals with earned income subject to modified adjusted gross income limits | Anyone can contribute for the benefit of an individual who is under age 18. (exceptions apply for 18+) Modified adjusted gross income limitations apply |
Contributions are made by employer to IRA accounts for eligible employees |
| Withdrawal Information: | Regular retirement withdrawals can be made as early as age 59 1/2 and must begin once a participant attains age 70 ½* |
Contributions may be withdrawn at any time without taxation.* Qualified withdrawals of earnings may be made without taxation after five years* |
No taxes or IRS penalties paid on withdrawals for qualified educational expenses* |
Regular retirement withdrawals can be made as early as age 59 1/2 and must begin once a participant attains age |
| Account Dates: | Must open account and all contributions must be made by tax filing deadline (usually April 15)* | Must open account and all contributions must be made by tax filing deadline (usually April 15)* | Must open account and all contributions must be made by tax filing deadline (usually April 15)* | SEP-IRA Plan must be established by tax filing deadline. Contributions must be made by tax filing deadline plus extensions* |
| Contribution Information: | Please consult your tax advisor, based on your personal situation |
Please consult your tax advisor, based on your personal situation |
Please consult your tax advisor, based on your personal situation | Please consult your tax advisor, based on your personal situation |
| Benefits: | Variable and fixed rates options allow for flexibility in interest earnings Contributions may be tax deferred and earnings are tax deferred until withdrawn* |
No taxes on the interest earned on the account Variable and fixed rates offered |
Allows parents and children to plan ahead for costly higher education expenses Tax-free method of paying for education expenses |
Contribution limits are much higher than for individual accounts |
* IMPORTANT NOTE: Substantial penalties may apply for early withdrawals of funds from a Time Certificate of Deposit. Please consult your Tax Advisor regarding Individual Retirement Account contributions and withdrawals. Please Note: This information is accurate as of February 2013.
Central Valley Community Bank reserves the right to make changes at any time as a result of a change of policy, law, and regulation or otherwise.
Learn about other Central Valley Community Bank accounts
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| Safety & Soundness Our priority: Your confidence!  Learn More |
FDIC Coverage Find out about options to protect your money Learn More |
Savings Learn about our Personal Savings accounts Learn More |
