IRA Services

couple in the tropics in retirement

An IRA is an Individual Retirement Account. Proper financial planning helps you to live the life you want in retirement after decades of hard work. Remember, a significant portion of your retirement income depends on the action you take today. Without a savings plan in place, you could jeopardize your dreams. It's easier to start contributing to an Individual Retirement Account as soon as you have earned income.

 . . . These may be deposited in Bath State Bank Certificates of Deposit (“CDs”) at the same interest rates as the current fixed-term CDs for terms of 12 to 72 months.

Also available to IRA's is a CD with a variable interest rate. This type of IRA CD is written for a term of 18 months. The interest rate may be adjusted and changed after the account is opened on the 1st day of the following months: February, May, August and November.

Limitations: The minimum deposit amount to open an IRA is $50.00. There is no annual fee for IRA's nor for IRA transfers.* (*As with any CD, there may be a penalty assessed if the CD is cashed in before maturity.)

Self-Directed IRAs: Bath State Bank can also serve as custodian for self-directed IRA's. We can facilitate the placement of trades with the benefit of institutional pricing. We can also offer safekeeping, record keeping and reporting as well as the services of a Registered Investment Advisor. The custodial fee is based on how many of the services we provide.

Coverdell Education Savings Account (commonly known as Educational IRA): Contributions are tax free, but not tax deductible and are designed to help save for educational costs. $2,000 per year maximum contribution; however, a child's aggregate total cannot exceed the max. People interested in saving for a child's education, click this link to read more.