Members Trust offers a wide range of saivings and money market accounts designed to help you reach your short and long term financial goals. the various accounts can help you manage your cash conveniently, efficiently and effectively. For most, you can open them wish as little as $5.
The savings and investment accounts available are:
• An Individual Retirement Account (IRA) provides either a tax-deferred or tax-free way to save for your retirement.
Members Trust offers three options 1. Traditional IRA - Traditional IRA The Traditional IRA allows tax-deductible contributions of up to $5,000 per year, or more if you’re over age 50. The money you contribute annually to your Traditional IRA is deducted from your yearly income, so it reduces your tax liability. However, if you need the money once it in is an IRA, the withdrawal is subject to income taxes and a 10% penalty if you are younger than 59 ½. However, you can withdraw the money penalty free (taxes will still be imposed) if you use the money to purchase a house or to pay for higher education costs. 2. Roth IRA - The Roth IRA is a non tax-deductible means to save for retirement, but it offers greater flexilbility. Contributions can be withdrawn at any time without being subject to a penalty or tax, however the earning on the account is. The same benefits regarding withdrawing money for education and housing also applies with the Roth IRA.
3. Coverdell Education Accounts - A Coverdell Education Savings Account is a means of saving for education expenses. The total contributions can’t be more than $2000 in any year, and the beneficiary has to be under 18, or a special needs beneficiary. With rising education costs, this is perfect if you have youngsters of your own or grandkids.
Annual Contributions, Rollovers and Transfers accepted
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