All Investment Products › Union State Bank

Individual Retirement Accounts

IRAs allow you to save for your retirement, and at the same time provide a great tax-saving tool.* USB offers a variety of IRA investment options, each offering different benefits to meet your unique needs. A minimum investment of only $20 is needed to open an account.

Apply now to open your ira account

Traditional IRAs

Flexibility in choosing investment option and contribution amounts
Ability to leave your assets to your beneficiaries of choice
Tax-deferred earnings until withdrawn
Your contribution may be tax deductible

Roth IRAs

Flexibility in choosing investment option and contribution amounts
Ability to leave your assets to your beneficiaries of choice
Tax-free distributions (if qualified)
No required minimum distributions

Health Savings Accounts (HSA)

Health Savings Accounts (HSA) are a smart way to save for healthcare expenses. HSAs are designed for individuals covered by high-deductible health plans to pay for current healthcare expenses and save for future qualified medical and retiree health expenses on a tax-free basis*.

Coverdell Education Savings Account (ESA)

Allows contributors to make after-tax contributions of $2,000 per year for a child’s education until the child attains age 18
Earnings remain tax-deferred while held in the ESA

Once you establish an IRA, you may contribute any amount up to your annual limit.
Earnings accrue tax deferred on the investments within your IRA as you contribute year to year, increasing your IRA balance until you are ready to withdraw the money.
Once you reach the age 59½, you may withdraw as little or as much money as you want penalty-free until age 70½. After age 70½, you must take a minimum distribution each year.

Once you establish a Roth IRA, you can contribute any amount up to your annual limit.
Since the money you contribute to a Roth IRA is already taxed, the distribution automatically comes out tax-free.
Earnings are tax-free if you’ve had a Roth IRA for at least five years, and you’re age 59½ or older.
You can access funds in your Roth IRA at any time, but if you distribute all of your assets before meeting the requirements, you may be subject to taxes on the earnings including an early distribution penalty tax.

If you are covered by a high-deductible health plan and would like more information about Health Savings Accounts, contact one of our customer service representatives today!

*Consult your tax advisor about tax benefits and the deductibility of contributions

When the child uses ESA funds to pay for qualified education expenses, contributions and earnings are distributed tax-free.
Qualified education expenses include tuition & fees, books, supplies & equipment, room & board, computers and special needs services.

*Consult your tax advisor about tax benefits and the deductibility of contributions. A $20 minimum balance must be maintained to obtain the disclosed annual percentage yield. Penalty for early withdrawal may apply.