IRAs

IRA is a Individual Retirement Account. An IRA is a personal savings plan that provides income tax advantages to individuals saving money for retirement purposes.

The Bank of Tescott offers the following types of IRA’s:

• Traditional IRA: With this IRA the amount of the contribution may be deductible on your taxes.
• SEP IRA: This is an employer established and funded Simplified IRA, where the employer can put up to 15% of compensation into the special IRA.
• ROTH IRA: Contributions are not deductible when the funds are contributed, but the earnings accumulate tax-free and remain tax-free upon distribution.

For more information, email deposits@bankoftescott.com or call to speak with a customer service rep.