IRA’s

Make the most of your savings today and prepare for a better retirement.
At Eagle Savings Bank, we believe that Certificates of Deposit are a secure and important part of every investment portfolio. This definitely holds true when it comes to your IRA. We offer you a choice of retirement Certificates of Deposit, providing you with security, convenience and a solid high-yielding investment. And your IRA Certificates (CDs) are FDIC insured up to $250,000.

Maximize your retirement benefits while minimizing your taxes.
Traditional IRAs
You can open a traditional IRA (Individual Retirement Account) if you have earned income and you don’t turn 70-1/2 by the end of the calender year. Up to $5,000 or more of your annual IRA investment may qualify as a tax deduction (consult your tax advisor for information regarding your specific situation).

Roth IRAs
Since 1998, individuals can also establish a new type of retirement account called a Roth IRA. Contributions to a Roth IRA are not tax deductible. However, when you take a distribution of funds, the interest you’ve earned may be tax-free. Please consult your tax advisor for information about your specific situation. You cannot establish a traditional IRA and a Roth IRA for the same tax year.

SEP
Eagle Savings Bank also offers a SEP (Simplified Employee Pension) account for individuals who are self-employed or own a small business. Just like a traditional IRA, a SEP defers federal income taxes until you withdraw funds. Contributions, however, may be much larger than those allowed by IRAs.

Advantages of a SEP are:
Tax-deductible contributions for employees are based upon earnings for the tax year. Please consult a tax advisor for contribution limits.

Reduce or omit contributions in years when they are less or unaffordable.

Avoid high costs of administration and the hassles of annual reporting, associated with other plans.