Individual Retirement Accounts

Choose this account if...
You (or your spouse) have taxable earned income and want to invest money for the future.

Individual Retirement Accounts (IRAs) are personal savings plans to accumulate funds for retirement. Southern Heritage Bank can help you establish a:

  • Traditional IRA
  • Roth IRA
  • ROTH conversion
  • Rollover or Transfer IRA
  • Simplified Employee Pension (SEP) IRA
  • Coverdell Education Savings Account (Educational IRA)

Account Features:

  • IRA funds with Southern Heritage are invested in certificates of deposit (CDs)
  • Maturities range from 12 months to 60 months
  • $500 minimum opening balance
  • Contributions may be tax-deductible (consult your tax adviser)
  • Interest is tax-deferred
  • Interest rates vary according to investment amount and term
  • Rates subject to change weekly, but are fixed during the term of the Investment
  • Interest is calculated by Daily Balance method, compounded annually and posted to account annually
  • Annual account statement
  • A penalty may be imposed for withdrawals before account maturity (See Schedule of Fees) In addition, the IRS may impose penalties for withdrawals made before age 59½.
  • Distributions may be subject to tax (consult your tax adviser)
  • IRAs are subject to government regulation concerning deposit and withdrawal limits, timing and tax-deductibility of deposits. Consult your tax adviser.

Ready to get started? Open a IRA by visiting your nearest Southern Heritage Bank office.

Open account