Personal Services > Savings & Retirement > Individual Retirement Accounts


Traditional IRA
Must be under the age of 70 1/2 and within qualifying earned income level. Contribute up to $3,000 in 2002 ($4,000 if you are 50+). Contributions may be tax-deductible*.

Roth IRA
Yes, it is possible to avoid paying taxes on your investment gains. Roth IRA contributions are not tax-deductible but earnings grow tax-free. The principal is not taxed when you take distributions*. No age qualifications. Contribute up to $3,000 in 2002 ($4,000 if you are 50+).

Coverdell Educational Savings Accounts (formerly known as Education IRA)
Can be established by anyone, for any child under age 18. Up to $2,000 can be contributed each year. Withdrawals may be taken tax-free for qualified educational programs.*

An IRA with tax advantages for both employees and employers in small businesses. Employee contributions are tax-deferred, matching employer contributions are tax-deductible*. Higher contribution limits may be available.

* Consult your tax advisor.

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