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The Bank of Denver - Locally owned, checking, savings, CDs, loans

Individual Retirement Accounts (IRAs)
There's no time like the present to begin preparing for your future. Accomplish this by opening an Individual Retirement Account (IRA) with the Bank of Denver. When possible, make deposits with NO restrictions. Your IRA also incurs NO monthly Service Fees. Because funds are invested in a long-term Certificate of Deposit, the best rate possible is obtained and in many cases is better than a regular Certificate of Deposit. With IRAs, guidelines established in accordance with Internal Revenue Service

Year Under Age 50 Over Age 50
2011 $5,000.00 $6,000.00
2012 $5,000.00 $6,000.00
2013 $5,000.00 $6,000.00
2014 $5,500.00 $6,500.00
2015 $5,500.00 $6,500.00

Annual contribution limits for Simplified Employee Pension (SEP) IRAs and Simple IRAs are greater and are primarily dependent on an individual's income. The annual contribution limit for Coverdell Savings Accounts (formerly Education IRAs) is $2,000.
The Bank of Denver - Locally owned, checking, savings, CD’s, loans

  Minimum To Open Fixed or Variable Rate Interest Paid Quarterly Early Withdrawal Penalty1 Closure Fee
Traditional IRA2 $50 Either Yes3 Yes $75
Roth IRA2 $50 Either Yes3 Yes $75
Simple IRA2 $50 Either Yes3 Yes $75
Coverdell Savings Accounts2 $50 Either Yes3 Yes $75
SEP IRA2 $50 Either Yes3 Yes $75

Statements are mailed quarterly.

1   Certain circumstances could allow the Early Withdrawal Penalty to be waived; i.e., over the age of 59 1/2.
2   All IRAs are invested in a 12 or 18-month Certificate of Deposit, with an option of a fixed or variable rate.
3   Interest is compounded daily and paid quarterly.