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Everett, MA
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Retirement Deposit Insurance Increase
For the first time in more than 25 years, Congress has raised the limit on the federal deposit insurance coverage that protects your retirement savings.

The new law provides up to $250,000 of protection for the combined total of the traditional and Roth IRAs , self-directed Keoghs and certain other retirement accounts you may have on deposit (up from $100,000). These retirement accounts are insured to $250,000 separately from any other deposit you may have with Eagle Bank. FDIC insurance coverage for self-directed retirement accounts applies primarily to CDs.
Click here for information on the FDIC's Online EDIE (Electronic Deposit Insurance Estimator).

What is a Rollover?
If you receive an eligible rollover distribution from your employer's plan, you can contribute or roll over all or a portion of that distribution to a traditional IRA.

What is a Direct Rollover?
A direct rollover is like an IRA-to-IRA transfer except an employer plan distribution is paid directly to a traditional IRA - the money never actually touches your hands - instead it is sent directly to Eagle Bank. Direct rollovers incur no federal income tax or penalties. Therefore, direct rollover distributions are not subject to the mandatory 20% federal income tax withholding.

Chris Falzarano, VP, Retirement Services has over 25 years expertise in the area of retirement services and IRAs. Feel free to contact her directly via e-mail or at (888) 888-8888.

We offer:

  • Traditional IRAs
  • Roth IRAs
  • Coverdell Education Savings Account
  • Simplified Employee Pensions

An IRA gives your savings an added boost by shielding it from taxes. Our traditional IRAs and Roth IRAs let you make tax-deferred contributions of up to $5,0001 for tax year 2008.

The Roth IRA also features relaxed tax provisions for penalty-free early withdrawal for specific reasons like: a child's tuition, unexpected medical expenses or first-time home purchase (early withdrawal penalties from CDs would still apply).

Click here for IRA FAQs.
Click here for Roth IRA FAQs.

1The catch-up contribution established by the IRS for tax year 2008 is $1,000.00.
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