Individual Retirement Accounts (IRAs) can be an important component of your financial retirement plan. American Chartered Bank offers great rates for these insured deposit plans. Plan NOW for your future and make IRA’s part of your retirement savings strategy.

Which account is right for you?

Traditional IRA
This account may allow you to make tax-deductible contributions. The earnings grow tax-free until the you turn 59 ½ years old. At this time, you are allowed to begin withdrawing money from the account to fund your retirement. The distributions are fully taxed by the U.S. government. Learn more!

Roth IRA
Roth IRA’s may allow you to contribute a limited amount of money toward retirement annually. Unlike the Traditional IRA, the contributions are not tax-deductible. However, with a Roth IRA you are not taxed when you begin withdrawing contributed money at or before retirement. Learn more!

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EFFECTIVE APRIL 1, 2006:
The Federal Deposit Insurance Corporation (FDIC) has approved final rules that raises the deposit insurance coverage on retirement accounts at a bank or savings institution to $250,000 from $100,000. The increase, the result of a new law boosting federal deposit insurance coverage for the first time in more than 25 years, will become effective on April 1, 2006. This increase is only applicable to IRA accounts.