Personal Services

Individual Retirement Accounts

Wilson & Muir Bank offers individual retirement accounts with terms of 182 days, 18 months, and 30 months.

Regular IRA*

Regular IRA is setup to save you money for retirement with "pre-tax" dollars. You should consult a qualified tax planner to determine whether you are eligible to receive benefits.

  • For tax year 2007 the dollar limits for IRA contributions will be $4000 if you are 49 or younger; $5000 if you are 50 or older. For tax year 2008 the dollar limits for IRA contributions will be $5000 if you are 49 or younger; $6000 if you are 50 or older.
  • FDIC insured investments from six to 30 months
  • Tax deferred fixed or variable rate investments
  • Penalty free withdrawals for education or first time home purchase
  • Online access to account balance and history

ROTH IRA*

The money you put into a ROTH IRA is not tax deductible, but future earnings taken as a qualified distribution are not taxable. You are eligible to participate in a ROTH IRA, even if you are part of your employer's retirement plan.

  • For tax year 2007 the dollar limits for IRA contributions will be $4000 if you are 49 or younger; $5000 if you are 50 or older. For tax year 2008 the dollar limits for IRA contributions will be $5000 if you are 49 or younger; $6000 if you are 50 or older.
  • FDIC insured investments from six to 30 months
  • Tax deferred fixed or variable rate investments
  • Tax-free, penalty free withdrawal for "qualifying distributions"
  • Higher income eligibility limits
  • Online access to account balance and history

Education IRA*

An Education IRA (also known as Coverdell Education Savings Account) is designed to help you save money to pay for the post secondary education of a beneficiary. Any taxpayer or non-individual such as an organization may contribute to an Education IRA. These contributions are not tax deductible, but future earnings taken as qualified distribution are not taxable.

  • Allows $2000 maximum total deduction for qualified individuals for each child under age 18
  • FDIC insured investments from six to 30 months
  • Tax deferred fixed or variable rate investments
  • Tax free withdrawal if used for educational purposes*
  • Can be transferred to a new beneficiary in the immediate family*
  • Higher income eligibility limits
  • Online access to account balances and history

Health Savings Account*

Wilson Muir Bank’s Health Savings Account (HSA) allows eligible individuals to make tax free contributions into an interest-bearing account specifically designed to pay for qualified medical expenses.

This program is ideal for people with a high deductible health plan and self-employed individuals, physicians or small business owners who are looking for an affordable health benefits program to offer their employees.

For more information please speak to one of our customer service representatives. Member FDIC

*Consult your attorney or tax advisor for more information

Federal regulations require a substantial penalty for early withdrawal

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Thirty-two years ago, it began as “just a job”. It grew into mutual trust, loyalty and appreciation. I take pride in being a part of its strong tradition. I am part of it…and it is part of me. That’s ‘Why it’s My Bank’!

Sharron Mathews,
Main Office
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