Retirement savings can start at any time. Capital Bank offers Traditional and Roth IRAs as savings accounts, as well as Certificates of Deposit. IRAs are individual retirement accounts, or a trust or custodial account set up for the exclusive benefit of taxpayers or their beneficiaries. Please consult your tax advisor to determine which is right for you.
Traditional IRA.
- Contributions are often tax-deductible
- Money is deposited “before tax” or “contributions are made with pre-tax assets”
- Minimum monthly average balance of $100 to earn interest
- Benefit from the tax-deferred impact of earnings growth inside the IRA
- Withdrawals at retirement are taxed as income at the rate applicable at that time1
Roth IRA.
- Contributions are made with after-tax assets
- Minimum monthly average balance of $100 to earn interest
- Pays a variable rate of interest
- Benefit from the tax savings as your money grows inside a Roth IRA
- Withdrawals at retirement are tax free1
IRA Certificate of Deposit.
- Minimum opening balance of $1,000
- Maturity terms range from 12 month to 72 months
For more detailed information about IRAs, please click here to visit the IRS website.
1 Please refer to IRS ruling on appropriate “retirement age” where no penalties will be rendered for withdrawals from an IRA.