Unico
Bank Certificates of Deposit
Member
FDIC
Certificates
of Deposits offered by Unico Bank guarantees yields, flexibility,
and the safety of FDIC insurance. That is because you lock in a high
yield that is guaranteed from the day you open the account until the
day it matures. You know exactly what your money will make and when
you will get it.
Your investment
is safe at Unico Bank because our CDs are backed by the Federal Deposit
Insurance Corporation (FDIC) for up to $100,000 per individual. FDIC
now has an Electronic Deposit Insurance Estimator "EDIE"-
on its home page. EDIE is a user-friendly Internet application that
can calculate deposit insurance for users. EDIE will guide users through
some questions about deposit accounts, then will print out a report
clearly showing the amount of insurance coverage for those accounts.
EDIE is designed to allow even novice computer users to get accurate
statements of deposit insurance coverage. www.fdic.gov
There is a
CD That's Right for You.
Unico Bank offers Certificates of Deposit in a broad range of maturities.
And, for as little as $1000, you can open your own CD. (Substantial
penalty for early withdrawal)
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Individual
Retirement Accounts
Member
FDIC
You can save
on your present taxes with an Individual Retirement Account (IRA),
by deducting your qualified contributions from your taxable income.
Most Americans can deduct all or part of their IRA contributions.
The deductible amount depends on your income, martial status, and
whether you're an active participant in an employer sponsored plan
as defined by the Internal Revenue Service.
With an IRA,
you can also defer taxes until you retire, when you may be in a lower
tax bracket. You may want to consult your tax advisor to review your
particular situation on the tax deductible status of an IRA. The IRA
is a smart way to save for a secure retirement.
Are you eligible
to have an IRA? If you are under age 70 1/2 for the entire tax year
and have compensation, you are eligible to establish an IRA, even
if you already participate in any type of government plan, tax-sheltered
annuity, simplified employee pension (SEP) plan, or qualified plan
(pension or profit sharing) established by an employer.
Are you retiring
or changing jobs? If you are retiring or changing jobs and plan to
withdraw money from your employer's retirement plan, you may be interested
in a "direct rollover" of your money into a new IRA account
with us. A direct rollover is a Qualified Plan or tax-sheltered Annuity
distribution that is sent directly from the plan administrator (employer)
to an IRA. Funds moved to an IRA via a direct rollover are not subject
to the mandatory 20 percent federal income tax withholding at time
of distribution.
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The
Roth IRA
Member
FDIC
What is a
Roth IRA? The Roth IRA is a nondeductible account that features tax-free
withdrawals for certain distribution reasons after a five-year holding
period.
Are you eligible
for a Roth IRA? Basically there are two requirements for eligibility
to contribute to a Roth IRA: you must have earned income (or your
spouse must have earned income) and your modified adjusted gross income
(MAGI) cannot exceed certain limits.
Do you pay
taxes on your earnings? NO (provided that you take the earnings as
part of a qualified distribution). That's the best part of the Roth
IRA. Unlike a traditional IRA, you cannot take a tax deduction for
any of the contributions that you make to a Roth IRA. However, when
you're ready to take a withdrawal, you pay no taxes on any of the
earnings that your money has generated.
What are Qualified
Distributions? In order for earnings to be tax-free, you must first
meet a five-year holding period for your Roth IRA. This period begins
with the tax year for which the first contribution is made. After
that, any earnings you withdraw for a qualified distribution reason
are tax-free and IRS penalty free. Qualified distributions include:
