Individual Retirement Accounts (IRAs)
An IRA is a tax-advantaged account* with valuable and unique benefits for your
long-term goals. Contributions can be deposited into an IRA Share account, IRA Jumbo Money Market Account or an IRA Certificate. See Deposit Rates for a rate and term which best suits your needs.
Charter Oak offers several different types of IRAs:
Traditional IRAs offer an immediate tax benefit for qualified taxpayers, since contributions may be fully or partially deductible. The money in your Traditional IRA (including earnings) is generally not taxed until you make a withdrawal.
Roth IRAs do not offer a deduction for your contributions. However, as long as you follow the IRS requirements, you may never have to pay tax on your earnings. Early withdrawals are allowed under certain conditions.
SEP IRAs provide an easy way for employers and self-employed individuals to set up a retirement account, with higher contribution levels than Traditional or Roth IRAs in many cases.
*Please consult your tax advisor.
To learn more please call our Contact Center at 860.446.8085 or toll free at 800.962.3237, or stop by any Charter Oak branch.