Saving for Retirement & Education

A Traditional IRA not only helps you to save for retirement but it can also be used for qualified life events such as higher educational expenses, medical expenses or a first-time home purchase. You can plan to save for your future and enjoy the security of knowing your funds are available prior to retirement under certain conditions or circumstances.

• Traditional IRAs at The First National Bank of Long Island can be invested in savings certificates with terms of one through ten years or in a tiered, liquid IRA savings account with no maturity.
• Minimum deposit to open is $500 for a liquid IRA savings account and $500 for an IRA CD.
• A Traditional IRA, combined with any other retirement account(s) at the same financial institution, is insured by the FDIC for up to $250,000.

 

Opening a Roth IRA account is a secure way to save for retirement. Contributions to your accounts are made from your after-tax income. Plus, all your withdrawals are tax-free if your funds remain in the Roth IRA for five years and you have reached the age of 59-1/2.

• Roth IRAs at First National Bank LI can be invested in savings certificates with terms of one through ten years or in a tiered, liquid IRA savings account with no maturity.
• Minimum deposit to open is $500 for a liquid IRA savings account and $500 for an IRA CD.
• A Roth IRA, combined with any other retirement account(s) at the same financial institution, is insured by the FDIC for up to $250,000.

 

Give the gift of education with a CESA account. It's a great incentive for families, including parents and grandparents, to save for education-related expenses such as tuition, books and fees.

• An account that is used to save post-tax funds for elementary, secondary and higher education expenses.
• Minimum deposit to open is $500.
• Refer to the Unique Ownership Situations section for guidance on FDIC insurance coverage for Coverdale Education Savings Accounts.