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Individual Retirement
Accounts (IRAs)

Ensure that today's hard work pays off in the future.

With a Relyance Bank IRA, simply set aside what you can, when you can, in a tax-advantaged* savings account.

Features and Benefits

  • Tax-advantaged retirement savings*
  • Competitive interest above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • Contributions and limits apply as determined by the IRS
  • Funds are used to purchase CDs within IRA
  • $500 minimum deposit to open**

*Consult a tax advisor

**Minimum deposit reduced to $100 for 18-month variable IRA plan

Traditional vs. Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax*
  • Withdrawals can begin at age 59 1/2
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 1/2

*Subject to some minimal conditions. Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

Roth IRA

  • Income limits to be eligible to open Roth IRA*
  • Contributions are NOT tax deductible
  • Principal contributions can be withdrawn without penalty**
  • Withdrawals on interest can begin at age 59 1/2
  • Early withdrawals on earnings subject to penalty***
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Consult a tax advisor.

**Subject to some minimal conditions. Consult a tax advisor.

***Certain exceptions apply, such as healthcare, purchasing first home, etc.

Coverdell ESA

Make college expenses more manageable by setting money aside early. A Coverdell Educational Savings Account (ESA) provides a safe-place for your money to grow while saving for your child's college education.

  • Set aside funds for your child's education
  • No setup or annual fee
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply*
  • Contributions are not tax deductible
  • Contributions and limits apply as determined by the IRS
  • The money must be withdrawn by the time he or she turns 30**
  • The CESA can also be rolled over without penalty to another member of the family
  • $100 minimum deposit to open

*Consult your tax advisor to determine your contribution limit.
**Those earnings are subject to income tax and a 10% penalty.