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Individual Retirement Accounts

Traditional IRA

This IRA is designed for individuals who want to save tax-deferred dollars and want their annual contributions to be tax-deductible. However, penalty-free withdrawals may be made at any time for certain medical and education expenses or the purchase of a first home.

Roth IRA

The major benefit of a Roth IRA is tax-free earnings growth. Although contributions to the Roth IRA are not tax-deductible, the contributions can be removed at any time without federal taxes or penalties. You are not required to receive distributions at 70 ½ and, in most cases; you can pass your Roth assets to your heirs free of federal income taxes. Withdrawal of earnings is tax-free if certain distribution rules are met.

Coverdell Education Savings Account (formerly known as the Education IRA)

This savings account is specifically designed to provide a tax-free way to save for education expenses for any minor child until the age of 18 on a nondeductible basis. This account can be used to pay for elementary and secondary education (K-12) expenses incurred in a public, private, or religious school, as well as college, technical or postgraduate work. Earnings grow tax-free, and withdrawals for qualified education expenses are also tax-free.


This low-cost retirement plan is designed for small businesses and the self-employed business owner. This would include sole proprietors, partnerships, S-corporations and corporations. The SEP plan enables you to make discretionary, tax-deductible contributions for employer and eligible employees. The employer may choose to make the plan less restrictive. Earnings and contributions are tax-deferred.


This simplified version of a 401 (k) or SEP plan is an affordable retirement plan option geared for companies with less than 100 employees. Participants make salary deferral contributions, and employers are eligible to make matching contributions. Employers can deduct the cost of the elective deferrals. Contributions and earnings are tax-free until withdrawn.

*Check with your financial advisor for more details about the IRA thatís best for you and optimizes your tax-deductibility potential. Generally, unless otherwise specified, early withdrawals are subject to an IRS penalty and may also be subject to bank early withdrawal penalties.
Raccoon Valley Bank