Personal Individual Retirement Accounts

Retirement AccountsRetire on your own terms with the help of client-focused Signature Bank. You can start saving today with a traditional or Roth IRA.

Each plan provides interest above standard savings and different associated tax advantages. There are no setup or monthly maintenance fees — just money to be saved, dreams to be realized.

Summary

  • Retirement investment account solutions that can be specified as Traditional or Roth
  • $100 minimum opening balance if savings account
  • $1000 minimum opening balance if certificate of deposit
  • Interest compounded daily. Interest credited to your account every quarter.
  • Various rates and terms to meet your needs
  • Fees and withdrawals could reduce the earnings on accounts
  • A penalty may be imposed for early withdrawal
  • Transfers from a Signature IRA account to another account or to third parties by pre authorized, automatic, telephone or computer transfer, or by draft, debit card, or similar order to third parties are limited to six per month.

You might also be able to save on your present taxes with an Individual Retirement Account, by deducting your qualified contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status, and whether or not you’re an active participant in an employer-sponsored plan as defined by the Internal Revenue Service. With an Individual Retirement Account, you may also be able to defer taxes until you retire, when you will probably be in a lower tax bracket. The chart below shows you how much you may be able to save each year. You may want to consult your tax adviser to review the tax deductible status of an IRA. Regardless of the amount you’ll be able to save now on taxes, an IRA is a smart way for you to save for a secure retirement.

IRA Tax Savings Potential Chart:

IRA Deductible Contribution Amount – 15%*     28%* 31%* 36%*  39.6%*
$ 500 $   75     $ 140 $155 $ 180  $ 198
$ 1,000 $ 150     $ 280 $ 310 $ 360  $ 396
$ 2,000 $ 300     $ 560 $ 620 $ 720  $ 792
$ 2,250 $ 337     $ 630 $ 697 $ 810  $ 891
$ 4,000 $ 600     $1,120 $1,240 $1,440  $1,584

*Tax Bracket Savings

If you’re changing employers, an IRA rollover makes sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover. You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well.

Is an IRA right for you? Consult with one of our bankers. Then make the switch!

Personal Deposit Interest Rates
Deposit Account Disclosures
Miscellaneous Banking Fees

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