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IRA Deposit Insurance
Federal law provides up to $250,000 of protection for the combined total of the traditional and Roth IRAs, self-directed Keoghs and certain other retirement accounts you may have on deposit. These retirement accounts are insured to $250,000 separately from any other deposit you may have with Eagle Bank. FDIC insurance coverage for self-directed retirement accounts applies primarily to CDs. |
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| Click here for information on the FDIC's Online EDIE (Electronic Deposit Insurance Estimator). |
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What is a Rollover?
If you receive an eligible rollover distribution from your employer's plan, you can contribute or roll over all or a portion
of that distribution to a traditional IRA.
What is a Direct Rollover?
A direct rollover is like an IRA-to-IRA transfer except an employer plan distribution is paid directly to a traditional IRA - the money never actually touches your hands - instead it is sent directly to Eagle Bank. Direct
rollovers incur no federal income tax or penalties. Therefore, direct rollover distributions are not subject to the mandatory 20%
federal income tax withholding.
Eagle Bank offers:
- Traditional IRAs
- Roth IRAs
- Coverdell Education Savings Account
- Simplified Employee Pensions
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An IRA gives your savings an added boost by shielding it from taxes. Our traditional IRAs and Roth IRAs let you make tax-deferred contributions of up to $5,0001 for tax year 2010.
The Roth IRA also features relaxed tax provisions for penalty-free early withdrawal for specific reasons like: a child's tuition, unexpected medical expenses or first-time home purchase (early withdrawal penalties from CDs would still apply).
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Click here for IRA FAQs.
Click here for Roth IRA FAQs. |
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| 1The catch-up contribution established by the IRS for tax year 2010 is $1,000.00. |
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