IRA Account
An Individual Retirement Account (IRA) is a deposit account that is designed to help individuals save for retirement. For the year 2007 individuals may contribute a maximum of $4,000; for the year 2008 the maximum is $5,000. (For those individuals age 50 or older during the year 2007, there is an additional $1000 catch-up contribution allowed for the year 2007.)  There are two types of IRA plans available to the depositor:

• Traditional IRA – for individuals with income from wages who are under age 70 ½ during the year 2007.  Contributions may be tax deductible; earnings are tax deferred. 

• Roth IRA – for individuals with income from wages (certain income limits apply). Contributions are not tax deductible; earnings are tax deferred and may be tax free.

Education Savings Account
An Education Savings Account (ESA) is a deposit account established for the qualified education expenses of a designated beneficiary.  The maximum annual contribution is $2,000 and distributions used for the designated beneficiary’s qualified education expenses are tax free.

Features:
Accounts are FDIC insured.  Available investments include a savings account and various certificates of deposit.  The minimum balance required to open a savings account is $10.  The minimum balance required to open a certificate of deposit is $500.

Rates:
Rates depend upon the type of investment selected.