These Retirement Planning Solutions offer the ideal way to save for retirement while reducing your present or future taxes.* Money you invest in a traditional IRA may be tax-deductible from your income today. The money only counts as income when you make withdrawals and you pay taxes on it then. Roth IRAs work the opposite way: contributions are not tax-deductible, but distributions are tax-free.

United Bank offers you the choice of earning a fixed rate of interest or variable rate with either a traditional or Roth IRA. IRA Certificates of Deposit (IRA CDs) are set up for the duration of your choice, from 90 days to 5 years, and earn a fixed rate of interest for the entire term. Variable IRAs, conversely, earn variable rates of interest and have no set maturity date. Deposits are made at initiation with IRA CDs, while Variable IRAs allow for periodic deposits, including automatic scheduled deposits from your checking or savings accounts. The funds in both IRA CDs and Variable IRAs are FDIC-insured to the legal limit, and both are subject to substantial IRS penalties for early withdrawal. 

IRA Certificates of Deposit

  • Minimum opening deposit of $500
  • Terms from 90 days to 5 years.
  • No monthly service charge
  • Fixed interest for the term of the certificate, compounded and paid monthly
  • Substantial IRS penalty for early withdrawal

Variable IRAs

  • Minimum opening deposit of $5 with automatic deposit or $100 with no automatic deposit
  • No monthly service charge
  • Variable interest, compounded and paid monthly
  • Substantial IRS penalty for early withdrawal

*Consult a tax advisor