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Riverview Rates
| Market Plus | APY |
|---|---|
| $5,000 - $49,999 | 0.80% |
| $50,000 or more | 1.00% |
| Business Plus | APY |
| $10,000 - $49,999 | 0.85% |
| $50,000 or more | 1.10% |
| CD Rates | APY |
|---|---|
| 4-Month Special | 0.50% |
| 8-Month Special | 0.70% |
| 13-Month Special | 0.94% |
| 21-Month Bump | 1.20% |
| 18-Month Variable | 1.01% |
| Rates as of 9/02/10 CD Rates for $15,000-$24,999 Subject to change |
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IRAs Still a Great Way to Save for the Future
April 30, 2006
The Tax Relief Act of 2001 made Individual Retirement Accounts even more attractive as a savings plan for retirement, or in some cases, certain educational expenses.
The Traditional IRA is the original. However, the contribution limits have been increased to $4,000 for 2005-2007. Some or all of your contribution may be tax deductible, see your tax advisor for deatils.Generally, amounts in your IRA (including earnings) are not taxed until they are distributed. With a Roth IRA, contribution limits are the same as with a Traditional IRA, but the contributions are not tax deductible. When certain requirements are met, qualified distributions are tax-free. Individuals can continue to make Roth IRA contributions after reaching age 70 1/2.
The Coverdell Education IRA now has contribution limits of $2,000. Taxes on earnings are deferred until the funds are withdrawn, and if used for qualified education purposes, the entire withdrawal can be tax-free. Beginning April 1, 2006, the FDIC will increase the deposit insurance coverage for retirement accounts from $100,000 up to $250,000. Traditional and Roth IRAs will be insured separately from other accounts at the same bank that will continue to be insured up to $100,000.
Now is a good time to visit your local Riverview branch office to see if there is an IRA that is right for you!