1st Capital Bank has many types of tax-deferred accounts to suit your special needs. Taking advantage of one of these great tax advantaged accounts is a great way to prepare for the future.

IRAs/Retirement Savings

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We offer traditional IRA, SEP, Roth and Education (CESA) IRA accounts with a fixed rate and maturities of 1,2, 3 and 5 years. A minimum deposit of $200 is required for a new account opening. Also, an annual fee of $15 is assessed for maintenance. For more information, please contact one of our branches.

Traditional IRA

The Traditional IRA permits individuals to defer taxes on the earnings of contributions until they are withdrawn. Contributions are tax deductible in the tax year in which you allocate them. Individual’s under 70 ½ all year are able to receive this product. 

SEP IRA

A simplified employee pension (SEP) plan is a retirement plan set up by an employer. Each year, the employer can contribute a percentage of each eligible employee’s compensation directly to the employee’s traditional IRA.

Roth IRA

 A Roth IRA is an individual retirement account that allows only nondeductible contributions but features tax-free withdrawals for certain distribution reasons after a five-year holding period. There are two requirements for eligibility to contribute to a Roth IRA: you must have compensation (or your spouse must have compensation) and your modified adjusted gross income (MAGI) which cannot exceed the limits prescribed in the current tax year.

Education (CESA) IRA

The Coverdell Education Savings Account is a nondeductible account that qualities for tax-free withdrawals for a child’s education expenses.

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