Individual Retirement Account
Do something good for your future with an Individual Retirement Account from Business First Bank
An IRA from Business First Bank is one of the best ways to realize tax advantage savings while suplementing your other retirement income sources. It's an option for individuals1 already saving for their retirement and desiring the advantages of a tax-deffered savings vehicle.
Account Features:
- For 2010, you can contribute up to a maximum of $5,000 (or $10,000 if filing jointly with spousal IRA) per year
- At age 50 or older, you can contribute an additional $1,000 (or $2,000 if filing jointly with spousal IRA) per year
- All you need is an earned income equal to the amount you contribute
- IRA CD's are available in 6, 12, 24 and 60 month terms for an opening deposit of $1,000
- IRA savings accounts are available for a low opening deposit of $100
- Low $25 annual fee and $25 dollar transfer or roll over fee for IRA savings and IRA CD accounts
Plus:
- Harness the power of compound earnings by deferring tax payments until retirement
- Pay taxes on your investments when you retire and your tax rate might be lower
- IRA contributions may be tax deductible the year the contribution is made; please consult
with the IRS or your tax advisor for further information
Visit any office of Business First Bank or call us at 805-899-4300 for more information.
- 1 You must be under age 70-1/2 in the contribution year to contribute.
- 2 Minimum balance to obtain Annual Percentage Yield and open account is $1,000. A penalty will be imposed for early withdrawl.