Reliance Bank offers Traditional and Roth Individual Retirement Accounts, and Coverdell Education Savings Account (CESA) with FDIC protection up to $250,000.
A Traditional IRA is a tax deferred account. You and your spouse are each eligible to make up to a $5,000 contribution. IRA holders 50 years plus can make an additional $1,000 catch-up contribution.
If you are looking for tax-free earnings, the Roth IRA might be the right option. To be eligible, for single filers your income must be no higher than $125,000 and $183,000 if filing as a married couple.
Our Education IRA lets you save for your child's college expenses through tax-free earnings. The maximum contribution is $2000 per year.
For further information or to open an IRA with Reliance Bank please contact one of our Financial Services Representatives at 314-569-7200.