EFFECTIVE MAY 11, 2018, Federal law requires all financial institutions to obtain, verify and record information that identifies the beneficial owners of all legal entity customers (subject to certain exclusions and exemptions) at the time a new account is opened, or an existing account renews. This incudes Checking Accounts, Savings Accounts, Certificates of Deposits, Safe Deposit Boxes, and Loans.
Individual Retirement Account
- Our Individual Retirement Account (IRA) can be opened with as little as $100.00. You may add to this during the year to reach your maximum annual contribution of $5,000.00 or $6,500.00 for individuals 50 years and older if you have earned income of at least $5,000.00 or $6,500.00. These funds may be put into a Certificate of Deposit. Our IRA Certificates of Deposit have the same term and penalties as the standard Certificates of Deposit we offer.
Spousal Individual Retirement Account
- A non-working spouse may also make annual contributions of $5,000.00 or $6,500.00 for individuals 50 years and older. These accounts are handled in the same manner as a regular Individual Retirement Account.
Simplified Employee Pension Plan (SEP-IRA's)
- This plan is offered to those who are self-employed or own a small business. This is a way for the employer to allow their employees (those who qualify) to save for their retirement.
Roth IRA Account
- The new Roth IRA Account is similar to the IRA Account except the contributions are not tax deductible, but the distributions can be tax free.
Coverdell Education Savings Account (CESA)
- The CESA allows individuals to open or contribute up to $2,000.00 a year for each child up to the age of 18 for the child's qualified education expense. The child's legal guardian or parent will retain control over the funds until the child reaches legal age.
- We can help you rollover any portion of funds from a Qualified Retirement Plan (such as a plan with your employer) or from an existing IRA at another financial institution to an IRA at First Liberty National Bank.
Qualified Pension Plans
- We provide several types of retirement plans for employer/employee investments. From the small business to the large corporation, we can help you find the right type of pension plan that will meet your needs. We can help establish your plan with a variety of investment options. All of the plans provided are in compliance and approved by the IRS.