Individual Retirement Accounts

Individual Retirement Accounts are available for individuals to set aside funds for retirement and take advantage of tax deferred or tax-free interest income. You will want to consult with your tax advisor for details, but in the meantime, Bank of the Lowcountry can get you headed in the right direction.

Features

$500 minimum deposit on our fixed rate 18- or 36-month term IRA

$25 initial minimum deposit on our 18- or 36-month variable rate IRA and you can make additional deposits

Automatically renewable after 10-day grace period

No administration fees

Penalties

Early withdrawal will result in forfeiture of three month’s interest. No forfeiture of interest for IRA holders 59 1/2 and older.

Important note:

The 10% penalty for early withdrawals does not apply to distributions of up to $10,000 for first time home buyer expenses or to distributions used for qualified educational expenses.

ROTH IRA

With a Roth IRA, your withdrawals can be completely tax-free – but you cannot deduct your annual contributions. 

It is always best to consult your tax advisor for details relevant to your specific needs. However, here are a few basic rules that govern Roth IRA’s:

You can contribute to a Roth IRA if:

You have earned income (or your spouse has earned income) AND

Your modified adjusted gross income (MAGI) cannot exceed certain limits

You do not pay taxes on your earnings if they are part of a qualified distribution. A qualified distribution includes participation in a Roth IRA for over 5 years and:

Distributions made on or after the date on which you attain age 59 1/2; OR

Distributions made to your beneficiary (or your estate) upon your death

Distributions attributable to your being disabled

Distributions for qualified first-time home buyers (up to $10,000)

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