Personal Retirement Accounts

Whether it’s college for your kids or retirement for you, Fidelity Bank has a range of products, along with a team of knowledgeable experts, to help you plan for a bright financial future.

Traditional IRA

It's never too soon to start building up your retirement nest egg. A Fidelity Bank IRA account enables you to plan and save for the future, with the security of knowing your funds are guaranteed.

Established only for an individual
Maximum contribution amount that can be made per year is $5,000 or 100% of earned income if compensation is less. Earned income is compensation earned for work, such as salary. (Pension, social security, and disability payments do not qualify as earned income.)
If you are age 50 to age 70 1/2, you may contribute an additional $1,000 each tax year as a "catch-up" contribution
Contributions may be tax deductible
Interest earnings and deductible contributions are tax deferred until they are withdrawn

Looking to add greater tax leverage to your retirement savings? A maximum contribution into a Roth IRA from Fidelity Bank may be the answer. Contributions are not tax deductible, and when withdrawn in accordance with IRS regulations, both contributions and interest earnings are tax free. The Roth IRA also provides limited authority for withdrawing funds prior to retirement for the purchase of a first home or education.

Established only for an individual
Maximum contribution amount that can be made per year is $5,000 or 100% of earned income if compensation is less. Earned income is compensation earned for work, such as salary. (Pension, social security, and disability payments do not qualify as earned income.)
If you are over age 50, you may contribute an additional $1,000 each tax year as a "catch-up" contribution

Coverdell Education Savings Account (CESA)

If your child plans to move on to college, you'll appreciate Fidelity Bank's Education IRA, designed specifically to help families prepare for the cost of higher education.

A beneficiary under age 18 must be designated (unless special needs individual)
The person contributing to CESA can be any age and does not have to be related to the beneficiary
Maximum annual cash contribution is $2,000 for each beneficiary
Contributions are nondeductible
All accumulated contributions and interest can be withdrawn tax free, provided they are used for the education of the beneficiary

IRA Transfer/Rollover

Funds transferred, or rolled over, to a Fidelity Bank IRA Account from another IRA or any other qualified retirement plan will retain their tax-deferred status.

Employer contributions and/or tax deferred employee contributions, plus all interest earned on those contributions are eligible for placement in a Traditional IRA Account
Taxes will continue to be deferred until withdrawals are made from the Traditional IRA Account

Have more than one IRA account?

If you have more than one IRA account held by one or more trustees and would like to make your record keeping easier, Fidelity Bank can consolidate your funds into a single IRA Account. Your consolidated IRA will continue earning tax-deferred interest at high rates.

To make your transfer or rollover as easy and convenient as possible, Fidelity Bank will handle the paperwork for you, free of charge.

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