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Clear Lake Bank & Trust

641.357.7121

Grandfather and grandson

Retirement/IRA

Looking for a long term savings option?


When you're looking to save for the long run, an IRA is a great savings alternative. Compare our options for
Traditional, ROTH, and educational IRAs to find the right fit for your needs. 

Contact a personal banker for terms and conditions.

 Traditional
IRA
ROTH
IRA
Education
IRA
Contributions are made from earned income and may be tax deductible. Interest earned is tax-deferred until distributions are taken.
 
  • Available to anyone under age 70 1/2

  • No annual fee or set-up charge

  • Contributions may be tax deductible**

  • $5,500 contribution limit per year

  • Additional $1,000 "catch-up" contributions allowed for ages 50+

  • Earnings accumulated tax-deferred**

  • Withdrawals available at age 59 1/2 

  • Mandatory withdrawals at age 70 1/2

  • Early withdrawals subject to penalty***
 
Contributions are made from earned income.
Distributions of principal and interest may be tax-free.
 
  • No annual fee or set-up charges
  • $5,500 contribution limit per year
  • Additional $5,500 "catch-up" contribution allowed for ages 50+
  • Contributions are not tax-deductible**
    Earnings and principal may be tax free upon withdrawal
  • Principal may be withdrawn penalty-free at any time*
  • Early withdrawals subject to penalty**
  • Earnings can be withdrawn penalty-free at age 59 1/2
  • No mandatory distribution age
A Coverdell Education Savings Account allows savings to be used for certain education expenses on a tax-preferred basis. Savings may be used for kindergarten - grade 12 expenses incurred in a public, private or religious school, as well as for college, technical school, or post-graduate work.
 
  • No annual fee or set-up charge

  • $2,000 contribution limit per year

  • Earnings accumulated tax-deferred**

  • Early withdrawals may be subject to penalty
*Penalty for early withdrawal may apply. Some age and deposit restrictions apply.
**Consult with a tax advisor.