Personal Overview > Savings > Individual Retirement Account

As tax-sheltered retirement plans for wage-earners, Individual Retirement Accounts from Lorain National are a sound investment for your future. If you are under age 70-1/2 for the tax year and have compensation, you may establish and make contributions to an IRA. These plans enable certain taxpayers to deduct contributions from federal income taxes and keep them deferred until withdrawn, as is interest earned on an IRA.

The following information describes our five IRA plans:

• 6-Month Money Market- $500 minimum deposit to open, additional deposit allowed on day of maturity, fixed interest rate
• 12-Month - $500 minimum deposit to open additional deposits allowed with a $500 minimum, fixed interest rate
• 18- Month - $50 minimum deposit to open, additional deposits allowed with no minimum required, variable interest rate
• 30- Month - $500 minimum deposit to open, additional deposits allowed with a $500 minimum, fixed interest rate
• 48- Month - $500 minimum deposit to open, no additional deposits allowed, fixed interest rate
• 60- Month - $2,500 minimum deposit to open, no additional deposits allowed, fixed interest rate

Self-Directed IRAs are available through our Investment and Trust Services Division. With a Self-Directed IRA, you can independently invest for retirement savings while benefiting from the tax-shelter of an IRA.