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Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs) offer you an opportunity to improve your chances of a secure retirement. Farmers Bank of Willards offers several types of IRAs, all with the protection of FDIC insurance.

  • Traditional IRA: If you are interested in deferring taxes while saving for retirement, this option is for you. Most contributions to this type of IRA are tax-deductible. Interest earned on a Traditional IRA is tax-free until the money is withdrawn.
  • Roth IRA: If you are more concerned with your income at retirement, this option is for you. Contributions to this type of IRA are NOT tax-deductible; however, withdrawals at retirement are tax-free as long as certain conditions are met.
  • SEP IRA: Business owners or sole proprietors can benefit from this type of IRA. This option allows you to contribute to your employee’s IRA(s). A SEP IRA is an inexpensive and easy-to-administer retirement plan.

Additional features/options available for all IRA solutions:

Individual Retirement Accounts  ($1,000.00 minimum to open) 
Choose from five terms, ranging from one to five years
Passbook Option Available, with $1.00 Minimum to Open
Mobile Banking with Alerts and Reminders
Online Banking with Alerts and Reminders
Telephone Banking with Voice Access
Interest Earned
Interest Payment Options: Compounded Quarterly or Interest Payment via Check or Transfer

The Farmers Bank of Willards has met all my business needs along with great personal customer service that is hard to find in today’s banking world. The personal touch is important to me.

-Eastern Shore Water