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Empire State Bank Certificate of Deposit and IRA accounts are a safe and secure way to earn a higher return on your investment. Highly competitive interest rates/annual percentage yields make Empire State Bank Certificate of Deposit and IRA accounts a wise investment.
A traditional IRA is a deductible personal savings plan that can be used to build a substantial retirement fund with deferred taxes on both principal and accrued interest.
IRA contributions may drop your taxable income into a lower tax bracket, reducing your taxes even more. Only earned income is eligible for an IRA.
The Roth IRA is a nondeductible IRA that offers tax-free distributions. Tax-free earnings allow you to grow your savings at a faster pace than taxable investments. But, the best part about this investment product is that it offers tax-free distributions for qualified reasons. That means the money you withdraw doesn’t have to be included at tax time.
For more information about IRA products, contact one of our branches.