Individual Retirement Accounts
SouthEast Bank is proud to offer a variety of Individual Retirement Account (IRA)* options. An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis. SouthEast Bank IRAs use our fixed rate, timed-deposit offerings. IRAs are only available in branch and it is advisable to speak with your tax advisor about which IRA option is best for you prior to opening an account.
Traditional IRAs are funded with pre-tax dollars. There can be tax savings for savers who believe they will be in a lower tax bracket at retirement. Funds from these accounts are taxed when withdrawn.
Roth IRAs are funded with after-tax dollars and the contributions to these accounts are not tax-deductible. The advantage comes at withdrawal and the core funds plus any interest growth can be withdrawn tax-free.
Simplified Employee Pension (SEP)
A simplified employee pension (SEP IRA) is a retirement plan that either an employer or self-employed individuals can establish. SEP IRAs are mostly used by small businesses and self-employed individuals. They are designed to meet their retirement savings needs, especially amongst small businesses and the self-employed.
*Terms from 30 days to 60 months. Please note that IRA withdrawals prior to age 59 ½ may be subject to a 10% penalty.
$500 minimum deposit
SouthEast Bank and its affiliates and the directors, officers, employees and agents of SouthEast Bank and its affiliates are not permitted to provide legal or tax advice. Please consult with your legal and tax advisors before entering into any financial transaction.