Investments » IRAs Traditional IRA High rate of interest Contribute annually before April 15 Catch up feature over age 50 Tax deferred Distributions may be taken at age 59½ Roth IRA Tax free withdrawals Nondeductible contributions annually Catch up feature for individuals over age 50 Withdraw contributions after 5 years Coverdell Educational IRA Nondeductible contributions annually for each child, grandchild or any others under age 18 No taxes or penalties on contributions or earnings that are withdrawn to pay qualified college expenses Important information about procedures for opening a new account To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What that means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.