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Certificates of Deposit have proven their popularity throughout the years. CDs are a flexible savings option designed to help you reach your financial goals. Earn a higher interest rate than traditional Savings Accounts, for a guaranteed period of time. Why invest in a CD?
Elmira Savings Bank offers competitive interest rates with a wide variety of flexible terms to choose from.
Click here to view our current CD specials.
Save for retirement while realizing significant tax advantages with an IRA. Whether you use it as your primary source of retirement income or as a supplement to other retirement investments or employer-sponsored plans, IRAs are a smart move.
Safe, secure, and guaranteed. Elmira Savings Bank has a full range of options designed specifically to help meet your retirement goals. Each arrangement comes with the safety of FDIC insurance, the security of guaranteed returns, and the exceptional personal service of our bankers. Consider supplementing your current retirement plan. Mixing the types of investments you have is the best course of action to minimize risk and maximize returns over the long-term.
Let us help you find the IRAs best suited to build your retirement savings. Our PensionFlex Savings Account works like a regular savings account, but with the tax advantages of an IRA. You make contributions when you want – in person, automatic deposit, or payroll deduction– up to the maximum annual contribution allowed. We also offer a variety of IRA Certificates of Deposit, so you can earn today’s interest rate for up to 5 years. Contact your local branch office or call us at (607) 734-3374, (888) 372-9299, for current interest rates and additional details.
Click here to view our current IRA specials.
The primary types of IRA Plans include Traditional & Roth IRAs. Choose the right Plan based off of your individual situation – and remember you can have more than one plan. Here are the basics of each:
Anyone who has earned income equal to or greater than their IRA contribution amount is eligible
Contributions may be tax deductible
(consult your tax advisor for details)
Earnings are tax-deferred until withdrawn after age 59 ½ when your tax rate may be lower
Contributions and earnings may be withdrawn IRS penalty-free after
age 59 ½
Minimum distributions are required (consult your tax advisor for details on when you should begin to take your Required Minimum Distribution)
You are eligible at any age provided you adjusted gross income does not exceed: (2022 Tax Year)
$144,000 Single Tax Filers
$214,000 Joint Tax Filers
Contributions are not tax-deductible
Earnings are tax-free if withdrawn after age 59 ½ and the plan has been open for at least five years
Contributions (not earnings) can be withdrawn IRS tax and penalty-free at any time
No minimum distribution is ever required from this plan
The Internal Revenue Service publishes IRA maximum contribution limits each year. In 2022, the maximum contribution limit is $6,000.00. Individuals age 50 and up, can add an additional $1,000.00 per year as a “catch-up” contribution.
A Coverdell Education Savings Account (CESA) is an account created as an incentive to help parents and students save for future education expenses.
The total contributions for the beneficiary of this account cannot exceed $2,000.00 in any year, no matter how many accounts have been established. A beneficiary is someone who is under the age of 18 or is a special needs beneficiary.
Distributions are tax-free as long as they are used for qualified education expenses
No tax on distributions if they are for enrollment or attendance at an eligible educational institution
Hope and Lifetime Learning Credits can be claimed in the same year the beneficiary takes a tax-free distribution (consult your tax advisor for details)
Contribution limits for taxpayers based on the contributor’s Modified Adjusted Gross Income (MAGI)
Consult your tax advisor or go to http://www.irs.gov for more details.
For detailed information regarding our products and services, to receive a copy of the Truth in Savings disclosure for a specific account, or to receive a copy of our Additional Services Fee Schedule, stop by your local branch office or contact us at (607) 734-3374 or toll free at (888) 372-9299.
Elmira Savings Bank
333 E. Water St., Elmira, NY 14901
Phone: (607) 734-3374
The Advisor Newsletter
Routing Number: 221370399
Orig NMLS #403589
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