* Consult your tax advisor for any tax deductions, benefits, or for any other potential tax benefits regarding IRA accounts.
IRAs at AllSouth
An Individual Retirement Account (IRA) is a tax-advantaged investment account for retirement savings. The two main types of IRAs are Traditional and Roth IRAs. Visit any location or contact us for more information and to open your account.
A Traditional IRA is a tax-deferred retirement account. One advantage of this account is that your investments grow tax-deferred, meaning you won’t be taxed on the gains until you withdraw them.* You only pay taxes when you withdraw funds from your account. If you’re eligible for a tax deduction, your Traditional IRA contributions are deducted in the year they are made.
A Roth IRA is a retirement account that allows you to withdraw your savings tax-free. The advantage of this account is not paying taxes on your Roth IRA withdrawals in retirement because you’ve already paid taxes on your contributions. Earnings can be distributed if a five-year waiting period has been met and you’re at least 59 ½ years old. This account also offers some additional perks. A Roth IRA may allow you to withdraw early if you are purchasing your first home, become disabled, or your beneficiary makes the withdrawal after you pass away.
IRA Certificates can be purchased for 12, 18, and 30 month terms. These certificates offer a fixed rate for the term of the certificate.
We also offer an Add-On IRA Certificate. This certificate has a 12-month term and requires an initial deposit of at least $100. Additional deposits can be made throughout the term of the certificate.
Advantages of our IRA Certificates include:
- IRA Certificates compound interest quarterly.
- IRA Certificates are automatically renewed at maturity.
Rolling Over Your IRAs
When funds are disbursed from a tax-qualified retirement plan (i.e. profit sharing, 401(k), stock bonus plan, etc.), individuals have the option to rollover the funds into an IRA.
Direct rollover transactions (funds being sent directly from the employer) are available upon request for eligible monies from qualified plans.