Personal Banking

IRA Accounts – Individual Retirement Accounts

Let CCB Help You Save For Retirement

At CCB, we don’t want you to have to worry about putting off your retirement because you don’t have enough money saved up. Start saving today and earn competitive interest with an Individual Retirement Account (IRA) from CCB.

Benefits of a Traditional or Roth IRA From CCB


  • Has potential to earn better interest than traditional savings
  • No setup fees
  • No monthly or annual maintenance fees
  • Annual contribution limits apply
  • Additional $1,000 “catch-up” contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • No minimum deposit to open

Traditional IRA

Investing with pre-tax dollars

  • Provides potential tax relief today
  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½ without penalty
  • Early withdrawals may be subject to an IRS penalty**
  • Mandatory withdrawals begin at age 72 
  • Age limits apply to contributions – must have qualified income

Roth IRA

Investing with after-tax dollars

  • Potential for the most tax benefit at time of retirement
  • Income limits to be eligible to open Roth IRA***
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at time of withdrawal if the distribution is qualified*
  • Principal contributions can be withdrawn without penalty*
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income 
  • Withdrawals may be subject to taxes and penalty, depending on your age, the five year period and other conditions
  • No age limit on making contributions as long as you have qualified income

*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc. Consult a tax advisor.
***Consult a tax advisor.


Coverdell ESA

A great way to save for a child’s future educational expenses

  • Distributions are tax-free when applied to qualified education costs
  • Can be opened by anyone — not just family members of a child
  • Can be opened for any child younger than age 18
  • Special needs children may be eligible after they reach 18
  • Competitive interest rates
  • No annual maintenance fee
  • Earnings grow tax-deferred
  • No minimum deposit to open 

Coverdell ESA Account Requirements

  • Contributions limited to $2,000 annually
  • Contributions are not tax-deductible
  • Contributions must stop when beneficiary reaches age 18
  • Beneficiary must withdraw remaining assets within 30 days after reaching age 30, or roll assets over tax-free to a new Education ESA for the benefit of another eligible family member
  • Distributions not used for qualified educational expenses are taxable, and subject to a 10% penalty
  • Taxpayers filing jointly with AGI (Adjusted Gross Income) below $190,000 are eligible to contribute (eligibility phases out as AGI increases from $190,000 to $220,000)
  • Single filers with AGI below $95,000 are eligible to contribute (eligibility phases out as AGI increases from $95,000 to $110,000)

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