IRA
An Individual Retirement Account (IRA) can be a wonderful savings option to ensure you have an enjoyable, worry-free retirement. Aside from securing your financial future, you may also be eligible for tax advantages for yourself and your loved ones. Farmers Savings Bank offers the following Individual Retirement Accounts:
  • Traditional IRA

    It is never too late to start preparing for retirement. The traditional IRA1 is one of the most common IRAs available. This type of IRA is funded with pre-tax contributions or rollovers, and the tax on contributions and growth (interest) is deferred until withdrawn.

    • $100 deposit to open account
    • Reduces taxable income
    • Pay no taxes until you take a distribution
    • Minimum distributions are mandatory at age 70 ½
    • No maintenance fees
    • Withdrawals can begin at age 591/2
    • Early withdrawals subject to penalty
    • FDIC Insured

     

    1As always, Farmers Savings Bank recommends that you consult with your tax or financial advisor prior to making financial decisions. Certain exceptions apply to early withdrawal, such as healthcare, purchasing your first home, and others. If you close your account before interest is credited, all accrued interest will be paid.

  • Roth IRA

    Roth IRA's may be opened by anyone earning an income who is under the age of 701/2 years old. 

    • Contributions are tax deductible
    • Interest earnings are tax deferred
    • Withdrawals can begin at age 591/2
    • Early withdrawals are subject to a penatly
    • Mandatory withdrawals begin at age 701/2
    • $100 minimum to open
    • Annual maintenance fee of $25
    • FDIC Insured 

    1As always, Farmers Savings Bank recommends that you consult with your tax or financial advisor prior to making financial decisions. Certain exceptions apply to early withdrawal, such as healthcare, purchasing your first home, and others. If you close your account before interest is credited, all accrued interest will be paid.

  • Coverdell Education Savings Account

    Farmers Savings Bank offers Coverdell Education Savings Accounts to those wanting to save for a child's education expenses, such as college, secondary or elementary school. Withdrawals are tax-free when used for qualifying expenses such as tuition, books, supplies, etc.

    • Interest grows tax free
    • Withdrawals are tax free if they meet education qualifications
    • Contributions are not tax deductible
    • No income restrictions or limits to open
    • Beneficiary must be under the age of 18 at the time of opening
    • Beneficiary does not have to be a relative
    • Account must be closed by age 30
    • FDIC Insured

     

    *As always, Farmers Savings Bank recommends that you consult with your tax or financial advisor prior to making financial decisions. Withdrawals are tax-free when used for qualifying expenses such as tuition, books, supplies, etc. If you close your account beofre interest is credited, all accrued interest will be paid.

  • Health Savings Account (HSA)

    High deductible health plans and medical expenses require forethought to avoid a big hit to the budget should medical needs arise.  Plan ahead and start saving now with a health savings account at Farmers Savings Bank.

    A Health Savings Account (HSA) is a tax-advantaged medical savings account available to those who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an HSA are not subject to federal income tax at the time of deposit. HSA funds may currently be used to pay for qualified medical expenses at any time without federal tax liability or penalty.

TOP

You are now leaving Farmers Savings Bank website. Farmers Savings Bank (including its directors, shareholders, employees, and affiliates) is not liable or responsible for the content, information, security, or failure of any products or services promoted or advertised on this third party site.

Continue

×

Notice: Because there is a risk that information transmitted via Internet email could fall into the wrong hands, Farmers Savings Bank suggests that confidential information, such as account numbers or social security numbers, not be transmitted via email. Instead, please contact Farmers Savings Bank directly at your nearest bank branch.

Continue

×