Individual Retirement Accounts (IRAs)
With your goals and our experience, we can work together to put a retirement plan into action. We offer Traditional and Roth IRAs.
Traditional IRA
• Offers tax-deferred growth of contributions and earnings.
• Features tax-deductible contributions (up to the maximum contribution limit) if qualifications are met.
• Required minimum distributions are mandatory after age 73.
• Offers tax-deferred growth of contributions and earnings.
• Features tax-deductible contributions (up to the maximum contribution limit) if qualifications are met.
• Required minimum distributions are mandatory after age 73.
Roth IRA
• Contributions (up to the maximum contribution limit) are made with after-tax dollars.
• Withdrawal of funds, including earnings, after age 59 ½ is tax-free assuming the account has been held for at least 5 years.
• No mandatory distributions are required.
• Contributions (up to the maximum contribution limit) are made with after-tax dollars.
• Withdrawal of funds, including earnings, after age 59 ½ is tax-free assuming the account has been held for at least 5 years.
• No mandatory distributions are required.
Visit or call your nearest United Community Bank Office to learn more about a UCB IRA and to open your account. UCB Locations
Consult a tax advisor/IRS website for more information on eligibility qualifications and contribution requirements.
Health Savings Account (HSA)
A Health Savings Account (HSA) is a tax-exempt account that can be used to pay for medical expenses for individuals and families covered under a qualified high-deductible health plan.
Benefits of an HSA
• Contributions (up to the maximum contribution limit) are tax deductible.
• Interest earned in an HSA grows tax-free.
• Distributions are not taxable as long as they are used to pay for qualified medical expenses.
• An HSA is portable. If the individual changes jobs, the HSA goes with the individual.
• There is no “use it or lose it” rule. Money invested in an HSA carries over from year to year.
• Contributions (up to the maximum contribution limit) are tax deductible.
• Interest earned in an HSA grows tax-free.
• Distributions are not taxable as long as they are used to pay for qualified medical expenses.
• An HSA is portable. If the individual changes jobs, the HSA goes with the individual.
• There is no “use it or lose it” rule. Money invested in an HSA carries over from year to year.
Eligibility Qualifications for an HSA
• Must be covered under a qualified high-deductible health plan.
• Not covered under another type of health plan, enrolled in Medicare or be claimed as a dependent on another person’s tax return.
• Must be covered under a qualified high-deductible health plan.
• Not covered under another type of health plan, enrolled in Medicare or be claimed as a dependent on another person’s tax return.
Features of a UCB HSA
• Unlimited deposits (up to the maximum contribution limit).
• Unlimited check writing privileges.
• Earns interest.*
• No monthly service charge.
• Unlimited deposits (up to the maximum contribution limit).
• Unlimited check writing privileges.
• Earns interest.*
• No monthly service charge.
Visit or call your nearest United Community Bank Office to open your HSA.
Consult a tax advisor/IRS website for more information on eligibility qualifications and contribution requirements.
*Variable Rate – Rate may change at any time. A minimum balance of $50.00 is required to open account.
