Final personal savings shutterstock_330844781.jpg
Personal savings mobile shutterstock_3308447811.jpg
Personal Savings & Time Deposits
Accounts for any need -- big or small.
Individual Retirement Accounts.png

Individual Retirement Accounts (IRAs)

Ensure that today's hard work pays off in the future by taking a very simple step today. With a Relyance Bank IRA, simply set aside what you can, when you can, in a tax-advantaged savings account.

Getting started is easy — choose from a traditional or Roth option to ensure a brighter future for you and your family.

    Summary
    • Tax-advantaged retirement savings*
    • Competitive interest above standard savings rates*
    • Traditional and Roth IRA options
    • No setup fees
    • No monthly or annual maintenance fees
    • $5,500 contribution limit per year
    • Additional $1,000 "catch-up" contribution allowed for ages 50+
    • Funds can be used to purchase CDs within IRA
    • $500 minimum deposit to open
    • $100 minimum deposit to open for 18 month variable IRA plan

      

    *Consult a tax advisor.

    Traditional vs. Roth

    There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

    Traditional IRA

    • No income limits to open
    • No minimum contribution requirement
    • Contributions are tax deductible on state and federal income tax*
    • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
    • Withdrawals can begin at age 59½
    • Early withdrawals subject to penalty**
    • Mandatory withdrawals at age 70½

    Roth IRA

    • Income limits to be eligible to open Roth IRA***
    • Contributions are NOT tax deductible
    • Earnings are 100% tax free at withdrawal*
    • Principal contributions can be withdrawn without penalty*
    • Withdrawals on interest can begin at age 59½
    • Early withdrawals on earnings subject to penalty**
    • No mandatory distribution age
    • No age limit on making contributions as long as you have earned income

      

    *Subject to some minimal conditions. Consult a tax advisor.

    **Certain exceptions apply, such as healthcare, purchasing first home, etc.

    ***Consult a tax advisor.

    Coverdell ESA

    Make college expenses more manageable by setting money aside early. A Coverdell Educational Savings Account (ESA) provides a tax-free safe-place for your money to grow while saving for your child's college education.

    • Set aside funds for your child's education
    • No setup or annual fee
    • Interest grows tax-free
    • Withdrawals are tax-free when used for qualified education expenses*
    • Designated beneficiary must be under 18 when contributions are made
    • To contribute to an ESA, certain income limits apply**
    • Contributions are not tax deductible
    • $2,000 maximum annual contribution per child
    • The money must be withdrawn by the time he or she turns 30***
    • The CESA can also be rolled over without penalty to another member of the family
    • $100 minimum deposit to open
    • FDIC insured

      

    *Qualified expenses include tuition and fees, books, supplies, board, etc.

    **Consult your tax advisor to determine your contribution limit.

    ***Those earnings are subject to income tax and a 10% penalty.