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Individual Retirement Accounts (IRA)

The Traditional IRA is an interest-bearing account that is a secure, FDIC-insured investment for customers with earned income looking for a way to save for their future(s). And depending upon adjusted gross income, customers may qualify for tax return deductions. IRAs can be set up as a fixed rate or variable rate investment.

Like the Traditional IRA, the Roth IRA is an interst-bearing account that is a secure, FDIC-insured investment for customers with earned income looking for a way to save for their future(s).  This IRA offers the ability to invest after-tax dollars today, and withdraw principal and earnings tax-free after five years.

The Coverdell Education Savings Account first became available in 1998.  The Coverdell Education Savings Account may be used to pay for elementary and secondary education (kindergarten through grade 12) expenses incurred in a public, private or religious school, as well as for college, technical school, or postgraduate work.

Interest Rate: Variable or fixed-- the choice is yours. Check rate report below.
Compounding: Semi-Annually
Restrictions: Early withdraw penalty of six months if funds are withdrawn other than at maturity.
Statements: Consult with your tax consultant for any tax penalties. Notices are sent out when interest is paid and at maturity.
Additional Deposits: Additional deposits may be made at any time in any amount*.
*Check with your tax preparer to see how much you can contribute this year.

FMSB Current IRA Rate Report as of (Sep-30-14)
Term – 12 Month
No minimum deposit required to open an account
Fees could reduce earnings on the account • Subject to early withdrawal penalty
Type of Account Annual Percentage Yield Interest Rate
Variable Rate IRA
(Rate may change monthly)
.65% .65%
Fixed Rate IRA .65% .65%

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