Roth CD IRAs

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commercial savingsA Roth CD IRA from Central National Bank is an interest-bearing retirement account for individuals who wish to build a fund to supplement retirement income.  Roth IRAs are funded with money that has already been taxed so individuals can take advantage of earnings that are tax free upon a qualified withdrawal.  Unlike Traditional IRAs, contributions to Roth IRAs are never deductible and distributions are not required to be taken by age 70 ½. Maximum contributions vary each year. Ask a retail banker for the current contribution limits.

  • Roth IRA principal distributions can be taken tax free and without penalty at anytime.
  • Earnings can be distributed tax-free if the Roth IRA holder first made a Roth IRA contribution at least five years ago AND one of the following events occurs:
    • Attain the age of 59½
    • Become disabled
    • Purchase a first home
    • Death (payments to beneficiaries)