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Home > Deposit Products > Investments > Individual Retirement Accounts

Individual Retirement Accounts

A plan which allows an individual's retirement savings to grow tax-deferred, providing tax savings and a more comfortable retirement.

Features:

Account may be opened and contributions made for a particular tax year up until April 15 of the following year
Contributions may be tax deductible*
Savings instruments may be variable or fixed
FDIC Insurance
May begin withdrawing at age 59 1/2

Benefits:

Flexibility, may vary amount each year
Potential tax savings
Safety
Retirement income

Opening Requirements:

Minimum deposit: $50.00 for variable rate IRA
Minimum deposit: $1,000.00 for a fixed rate IRA

*Consult a tax advisor regarding the deductibility of interest.

Inez Deposit Bank

Notice Of Changes In Temporary FDIC Insurance Coverage For Transaction Accounts

All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.

The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.

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