• CD: Certificate Of Deposit
• IRA: Individual Retirement Plan
• Roth vs. Traditional IRA Comparison Chart
• Education IRA
• Spousal IRA
• Early Distribution Penalty
• Rates
• Calculators

CD: Certificate Of Deposit

Bartow County Bank offers certificates of deposit with competitive interest rates and terms from seven days to five years.

Minimum Opening Deposit: $1,000

Minor CD Minimum Opening Deposit: $500

Click Here to see CD Rates

Click Here for Savings Calculators

IRA: Individual Retirement Plan

Bartow County Bank offers IRA's with competitive interest rates and terms from one to five years.

Minimum Opening Deposit: $500

Click Here to see IRA Rates

Click Here for Retirement Calculators

Click Here for IRS website

Individual Retirement Arrangements; (Publication 590) is available from the Internal Revenue Service. For delivery via US Postal Service call 1-800-TAX-FORM (1-800-829-3676). The publication can be downloaded at: http://www.irs.gov . Under Search Forms and Publications, type 590 and click GO

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Roth vs. Traditional IRA Comparison Chart

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Education IRA

• Contributions are allowed for both an Education IRA and 529 College Saving Plan in the same year.
• Contributions may be made by corporations and tax-exempt entities.
• If money is not spent or used for educational purposed for a designated person, then the Educational IRA can be rolled over into an Education IRA for a broadly defined family member of the original beneficiary.
• Withdrawals from Educational IRAs not used for educational purposes-expenses may be subject to both income tax and a 10% IRS penalty tax.

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Spousal IRA

A Traditional or Roth IRA may be funded by a married taxpayer in the name of his or her spouse who has less than the maximum allowable annual IRA contribution in annual compensation. The couple must file a joint tax return for the year of the contribution. The working spouse may contribute up to the maximum annual limits to both the spousal and his or her own Traditional or Roth IRA.

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Early Distribution Penalty

If you receive a taxable distribution from a qualified employer plan or IRA before you reach age 59 1/2, the taxable amount generally is subject to the 10-percent penalty on early distributions. The penalty was enacted to encourage you to keep your retirement money until you retire.

The penalty applies only to taxable amounts. Therefore, it does not apply to amounts rolled over or to amounts that are allocable to after-tax investments in the plan or IRA.

The first six exceptions apply to both employer plans and IRAs:

• You are totally and permanently disabled
• The distribution is made to your beneficiary after your death
• The payments are made in roughly equal installments over your life expectancy or the life expectancy of you and your beneficiary
• To the extent you have medical expenses in excess of 7.5 percent of your adjusted gross income, even if you don't itemize deductions
• The distribution is made due to an IRS levy of the plan.

The next two exceptions apply only to distributions from employer plans:

• After you have left your job in or after the year in which you reach age 55
• The money is being paid out pursuant to a qualified domestic relations order (usually in connection with a divorce or legal separation).

The following exceptions apply only to IRA distributions:

• Distributions used to buy or build your first home ($10,000 maximum)
• Distributions up to the amount of your qualified higher education expenses
• Distributions up to the amount of your medical insurance. This exception applies only if you lost your job and received unemployment compensation

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