Tax Advantage Accounts

IRA – TRADITIONAL

When you want a retirement account that provides tax advantages. At Plumas Bank we open IRA accounts as CDs.

Features

  • Only $500 minimum opening deposit; tax deferred growth and may allow tax-deductible contributions. See your tax advisor for details.
  • Terms available from 1 to 59 months.
  • Your income does not affect how much you can contribute.
  • You will pay taxes when you withdraw your pre-tax contributions and when you withdraw any earnings.
  • If you make withdrawals before you're 59½, you might have to pay a 10% penalty.
  • Required Minimum Distributions must be taken starting in the year you turn 72 (unless you were over 70½ in 2019).
  • Setup Fee: $25
  • Annual Fee: $25, waived if minimum balance is $25,000 or greater.
  • $10 manual distribution fee.
  • $25 Account closure fee.
  • Annual statements are mailed.

Benefits

  • Tax-deferred growth and tax-deductible contributions.
  • Have peace of mind knowing that you are building funds for retirement.
  • FDIC insured.

IRA – ROTH

When you want a retirement account that provides tax advantages. At Plumas Bank we open IRA accounts as CDs.

Features

  • Only $500 minimum opening deposit; tax deferred growth. See your tax advisor for details.
  • Terms available from 1 to 59 months.
  • Your income affects how much you can contribute (ask a Tax Professional for details).
  • Withdrawals of your contributions may be tax free. You won’t pay federal taxes on your earnings as long as the five-year aging requirement has been met and you are at least 59 ½. Talk to your tax advisor. 
  • If you make withdrawals before you're 59½, you might have to pay taxes on your earnings plus a 10% penalty.
  • Required Minimum Distributions do not apply during your lifetime.

Benefits

  • Tax-free growth and tax-free qualified withdrawals.
  • Have peace of mind knowing that you are building funds for retirement.
  • FDIC insured.

EDUCATION IRAS

When you want to set aside money for a child’s education.

Benefits

  • Tax advantages; no annual or start-up fees; annual statements are mailed; balances may be transferred to a sibling’s Education IRA; FDIC insured.
  • Fees: Minimum opening balance: $500.

COLLEGE COSTS PLANNING
A college education provides one of the best ways to invest in your child’s or your grandchild’s future. A college education is also expensive. The sooner you develop a college investment strategy, the less college costs will constrain your family budget. Along with your tax advisor, we are here to help you realize your goals, for today and tomorrow. We offer a diverse range of products and can refer you to our business partner to advise you on the best ways to invest your money and plan for the future. Please contact us to speak with an investment specialist.


HEALTH SAVINGS ACCOUNT

An interest-bearing account for medical expenses.

Benefits

  • Funds deposited are tax-free for qualified medical expenses.
  • Minimum opening balance is $100.
  • $15 set-up and $5 monthly service charge.
  • Catch up contributions can be made for eligible individuals.
  • Earns interest on funds that are liquid.
  • Account Closure Service Charge is $25.
  • Online, Bill Pay, and Mobile Banking.
     

SEP (SIMPLIFIED EMPLOYEE PENSION PLAN)

For clients who are employed by participating companies, this plan offers individuals an excellent means of building funds for retirement. Ask your local branch for details.