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Individual Retirement Accounts (IRAs) offer you tax deferred growth on funds that you save for your retirement. At Bank of Canton, we offer IRA accounts that are fully insured by the FDIC and DIF* with no annual maintenance fee. You can choose the type of IRA for you as well as the investment option of your choice. |
Traditional IRA
- Allows you to defer taxes on earnings until they are withdrawn
- Contributions may be tax deductible in the year they are deposited
- Contributions for the prior tax year may be made up through April 15
- Funds must begin distribution by the age of 70 1/2
ROTH IRA
- Contributions are not tax deductible in the year they are deposited
- Withdrawals are typically tax free
- Contributions for the prior tax year may be made up through April 15
- No mandatory age for beginning distribution
- Traditional IRA can be converted into ROTH IRA if income limits are met
Investment Options
We offer a variety of investment options for your IRA Accounts. You may choose between a Statement Savings Account or a Certificate of Deposit (CD) Account. The Statement Savings Account has a minimum balance of $10 and offers you flexibility while keeping your funds in an IRA product.
The CD Accounts offer you a guaranteed fixed interest rate for the term that you choose. Terms are available in 1, 2, or 3 year CDs and there is a minimum balance of $500.
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| Product | Type of Compounding | Minimum Balance to Open and Earn APY | Annual Percentage Yield (APY) | ||
|---|---|---|---|---|---|
| 1 Year IRA | Daily | $500 | 3.05% | ||
| 2 Year IRA | Daily | $500 | 3.16% | ||
| 3 Year IRA | Daily | $500 | 3.16% | ||
| A penalty may be imposed for early withdrawal. | |||||
*100% Deposit Insurance Protection
Bank of Canton is a member of both the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). The FDIC insures all deposits up to $100,000 and the DIF insures all deposits above that amount. At Bank of Canton, your deposits are fully protected, regardless of the size of your balance or combined balances.
