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Individual Retirement Account (IRA)

Kentucky Bank’s Individual Retirement Account (IRA) offers a wide range of maturities. We offer Traditional and Roth IRAs. An IRA allows individuals to make periodic contributions and possibly deduct their contribution from their current taxes (consult your tax advisor for eligibility).

Individual Retirment Account (IRA) Details

  • $100 minimum deposit to open savings IRA account
  • $2,500 minimum deposit to open certificate of deposit IRA account
  • Maturity terms available from 1 year to 5 years
  • Maximum annual deposit for working individuals: 100% of earned income or $5,500, whichever is less
  • Maximum annual deposit for married couples with a non-employed spouse: total of $11,000, divided between the two individuals with neither annual deposit exceeding $5,500
  • All or part of the contribution may be tax-deductible*. 100% of interest is tax-deferred until withdrawal
  • Annual statements
  • Early withdrawal penalties may apply
  • Variable interest rate. Check with your branch CSR for rate information

* Customers should consult their tax advisor concerning deductibility of deposits

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