IRAs and Coverdell ESAs
Maps offers IRAs and Coverdell ESAs in both certificate and savings account forms. You can choose from a Traditional, Roth or SEP IRA or a Coverdell Education Savings Account.
IRA (Roth, Traditional, SEP)
An IRA (Individual Retirement Account) is a safe, sound way to save for retirement. In many cases, members are able to make tax-deductible contributions (deposits) to an IRA. Consult your tax advisor to see if you qualify. In addition to regular IRA contributions, any qualified pension plan "paid out" by an employer may be rolled over into an IRA account. The dividends earned on an IRA are tax deferred. Dividends earned on the Roth IRA may be tax free (please consult your tax advisor to see if you qualify). Dividends are calculated daily, then compounded and paid monthly. To access account information 24 hours a day, seven days a week call our Privateline, or log on to our free Online Banking Service.
A Coverdell Education Savings account is an ideal way for you to begin saving money to help children you know pay for higher education expenses down the road. Contributions to a Coverdell are not tax deductible, but distributions used to pay for the qualified educations costs of the named beneficiary are generally tax free.
For more information, please review these documents.