Individual Retirement Account (IRA)
The best time to save for your retirement is right now while you're still earning income. An IRA offers tax advantages* to help you meet your financial goals.
We offer different IRAs to serve different needs. Talk to a Harleysville Bank representative about which plan is right for you and your family.
- Save for retirement and enjoy tax advantages*
- Earn higher interest than regular savings
- No setup or maintenance fees
- Annual contribution limits apply
- Annual $1,000 "catch up" contributions allowed for ages 50+
- FDIC insured up to $250,000
*Consult your tax advisor
Traditional versus Roth
Traditional IRA
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Early withdrawals subject to penalty**
*Consult with a tax advisor
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
Roth IRA
- Contributions are NOT tax deductible
- Principal contributions can be withdrawn without penalty*
- No mandatory distribution age
*Subject to some minimal conditions.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
Coverdell Education Savings Account (CESA)
A Coverdell Education Savings Account (CESA) provides tax-free earnings when the funds are used for a child's education expenses.