While savings and money market deposit accounts are designed to keep your money accessible, comprehensive financial planning includes long-term savings. If you are saving for retirement, Individual Retirement Accounts (IRAs) allow you to earn a higher interest rate with the possibility of deferring taxes until later in life. Be sure to consult your tax advisor to see how this applies to you.
An IRA is a great way to save for your retirement. IRAs offer potential tax savings and the ability to compound your money through contributions and interest earnings.
Most IRAs fall into one of two categories — the Roth IRA or the Traditional IRA. 1st Security Bank can offer you a variety of options within each category.
Another type of deferred-tax account that is growing in popularity is the Coverdell Education Savings Account, or “CESA.”
We offer each of these deferred-tax investments and will be happy to help you find the account best suited to you. Please contact your branch to speak with us.
If you have questions about our IRA accounts, would like to use our planning tools, calculators, or read more about IRAs, please visit our IRA Central page.