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Retirement Savings Options

Individual Retirement Savings Accounts


Designed to help you accumulate the nest egg you need for your golden years - or - to manage your retirement rollover account.

A Traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn. Certain contributions are tax deductible in the tax year they are made. Deductibility of your contribution is based on IRS guidelines. All earnings on your traditional IRA remain tax deferred until you make withdrawals, which are taxed as income during the tax year of their withdrawal.

The Roth IRA is a non-deductible account that features tax-free withdrawals for certain distribution reasons after five years. To qualify for a ROTH IRA, you must have earned income (or your spouse must have earned income). You may contribute any amount up to 100% of your compensation or $5,000 (whichever is less), as long as your Modified Adjusted Gross Income is within the limits established by the government.

Our Retirement Specialists are ready to answer any questions you may have regarding Individual Retirement Accounts and how Charlotte State Bank & Trust can help you!

Please consult your tax adviser concerning your particular situation.

IRA Certificates of Deposit

  • $1,000 minimum deposit
  • Interest compounded daily
  • No opening fees of any kind
  • Maturities of two to seven years
  • Semi-annual statement provided


There is a $20 closing fee on all IRAs.

Early time deposit contract termination penalties and/or administrative fees apply to IRA Certificates of Deposit. The bank reserves the right to enforce the full term of any time deposit contract. If early contract termination is agreed to by the bank, the penalties and/or administrative fees would be applied as disclosed within the pertinent documents at date of issue.