:: Individual Retirement Accounts
With uncertainty in the stock market, Individual Retirement
Accounts or IRAs are one of the best retirement savings
vehicles offered today. Medford Co-operative Bank offers
three types of IRAs including: Traditional, Roth, and Coverdell
IRA (formerly known as the Education IRA).
Earnings within Traditional IRAs are generally not taxed
until they are distributed from the Traditional IRA. Earnings
within Roth and Education IRAs, now known as Coverdell Education
Savings Accounts, are generally not subject to federal taxes.
Additionally, contributions to Traditional IRAs are tax
deductible for most. Over the long term, these tax features
can result in substantially larger IRA savings accumulations
than what can be earned in regular savings vehicles.
To open an IRA with Medford Co-operative Bank, simply visit
a branch and a Personal Banking Representative will guide
you through the account opening process. You may choose
from any of our Fixed Rate Long Term CDs or Savings Account
as an investment for your IRA.
Features:
- Higher Interest Rates than our Savings Account
- All Deposits Insured In Full
*A penalty may be imposed if any of the principal is withdrawn
prior to maturity and fees may reduce earnings.
For general information on IRAs call us at 888-888-8888
or visit your local Medford Co-operative Bank.
For specific information on IRAs please consult with a
tax advisor.
See our Schedule of Fees for detailed
fee information applicable to this account.
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