Prepare for Retirement with IRAs Jan 27, 2012, 8:00 am By Emily Haleck

Looking for a secure place to invest your money?

Bank of American Fork’s individual retirement accounts (IRAs) are held in CDs, not in the stock market, so you’re guaranteed a steady return and are covered by FDIC insurance. Unlike some banks, we don’t charge you holding fees or an annual fee.

Depending on the type of IRA you choose, you can earn tax-free or tax-deferred income. After retirement, you can receive distributions from the money in your IRA account.

Here are the types of IRAs we offer:

Traditional IRA: Allows contributions of pre-tax income. Taxes are paid upon distribution.

Roth IRA: Allows contributions of after-tax income, if qualified. Qualified distributions of principal and interest are tax-free. After retirement, distributions are not required.

CESA IRA: CESA stands for Coverdell Education Savings Account and is established for the benefit of a child. Earnings on the contributions accumulate tax-free if used for a qualified educational expense for any level of education.

 Variable-rate IRAs require only $10 to open, while fixed-rate IRAs can be opened with a $500-$5,000 minimum opening deposit.  Don’t wait any longer to start your retirement savings. Open an IRA today.

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