IRAs

All our IRAs provide a competitive rate of return plus all the tax advantages allowed by law.
Consult with your tax advisor about IRA tax implications to ensure your needs are met.

IRA Types:

PayDay - Save for retirement by contributing small amounts each pay day! Open this account with as little as $10, then we’ll set up automatic transfers from your Clear Mountain Bank deposit account on every pay day. You’ll earn a great interest rate, and there are no term limits and no early withdrawal penalties from Clear Mountain Bank! Plus, your contributions may be tax deductible.
Fixed Rate - Often preferred by the customer who seeks a longer maturity with the benefit of a steady rate, the Fixed Rate IRA features a term from one to five years. Minimum deposits can be as little as $500, but additional deposits to the same account are not permitted. Contributions may be tax-deductible depending on your income, marital status and whether you have a retirement plan at work. Taxes are typically deferred on the interest you earn and withdrawals are taxed as ordinary income.
Roth - A non-deductible account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. There are several types of qualified distributions that can be taken from a Roth IRA. Additionally, IRS penalties as well as distributions are set up differently from the conventional IRA account. We suggest you talk with one of our Personal Bankers for all the details to help you make a sound investment decision with a Roth IRA.
Coverdell Education Savings Account - This non-deductible account features tax-free withdrawals for a very specific purpose: education expenses. While qualified higher education distributions from a traditional or Roth IRA are penalty free, the same distributions from a Coverdell Education Savings Accounts are penalty free and tax-free. Please discuss the details of a Coverdell Education Savings Account with one of our Personal Bankers to determine if it’s right for you.