Regardless of the state of the economy, itís vital to save for the future. Whether itís your childís first savings account or youíre investing money for retirement, ESB has a savings option to meet your needs.
- $25 to open
- 3 withdrawal transactions allowed per quarter ($1 per withdrawal over 3)
- Interest compounded quarterly
- Statements issued quarterly
- $25 daily balance waives $5 monthly fee
Certificates of Deposit (CDs)
- 6 to 60 month terms available
- Tax deductible contributions (depending on income level)
- Withdrawals begin at age 59 1/2 and are mandatory by 70 1/2.
- Taxes are paid on earnings when withdrawn from the IRA
- Available to everyone; no income restrictions
- All funds withdrawn (including principal contributions) before 59 1/2 are subject to a 10% penalty (subject to exception).
- Contributions are not tax deductible
- No Mandatory Distribution Age
- All earnings and principal are 100% tax free if rules and regulations are followed
- Available only to single-filers making up to $95,000 or married couples making a combined maximum of $150,000 annually.
- Principal contributions can be withdrawn any time without penalty (subject to some minimal conditions).
- $2,500 minimum to open
- 6 debit/withdrawal transactions per month (15 cents per debit over 6)
- Tiered interest rates at: $2,500; $25,000; and $50,000
- Interest compounded daily and added to account monthly
- $2,500 daily balance waives $7.50 monthly fee