Certificates of Deposit
A Union Bank CD offers you a flexible savings option with a fixed rate of return, competitive interest rates, and a great lineup of options, running from three months to five years. Best of all, you can get started for as little as $500.00 and interest may be credited to another Union Bank account or compounded.
*See our Rates page for details.
Individual Retirement Accounts
Save smart with the help of one of our Union Bank IRA specialists. We’re here to help you set up a retirement plan that's right for you. Consult your personal tax adviser for information regarding tax deductibility.
IRA Contributions after age 70 ½
For 2020 and later, there is no age limit on making regular contributions to traditional or Roth IRAs.
For 2019, if you’re 70 ½ or older, you can't make a regular contribution to a traditional IRA. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.
For 2020 and 2019, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
- $6,000 ($7,000 if you're age 50 or older), or
- If less, your taxable compensation for the year
For 2020, a Traditional IRA is a tax-deferred account that is available to any person with earned income.
Your Roth IRA assets are available to you without tax or penalty when the account has been open for 5 years and you are age 59½ or more.
An Education IRA is a tax-deferred account that can be established for each beneficiary and annual contributions can be made until the beneficiary attains age 18. Contributions cannot exceed $2,000.00 a year.