IRAs & ESAs
Starting in 2010, the existing $100,000 income ceiling to convert to a Roth IRA* from a Traditional IRA was eliminated. Plus, conversion is available to those who are married but file their taxes separately. Finally, anyone who converts from a Traditional IRA to a Roth IRA in 2010 may choose to have half the converted amount taxed in tax year 2011 and the other half in 2012, thus spreading out the tax bill. See our Roth Conversion Information page for details, or visit our Roth Conversion - Next Steps page to begin conversion of your IRA or Employer Sponsored Retirement Plan.
IRAs are more flexible than they've ever been. They're no longer considered strictly retirement savings tools because they can help you pay for college, a first-time home purchase and more. Star One offers competitive rates on Traditional IRAs, Roth IRAs and Coverdell Education Savings Accounts. Visit our comprehensive Financial Road of Life section for complete information and online forms.
Service your existing Traditional, Roth, or Coverdell Education Savings Account. 
Not yet an IRA owner? Open a new IRA now! 
Star One's Unique IRA & ESA Features
- Convenience of payroll allocations and automated deposits
- No setup, administration or annual maintenance fees
- Automatic distributions available
- 10 business day grace period and automatic renewal on Certificate Accounts
- Competitive rates
- Knowledgeable, qualified staff
- Monthly statement
IRA & ESA Investment Options
- Savings Account - $100 minimum deposit or $25 for automated deposits
- Certificate Accounts - $100 minimum deposit or $25 for automated deposits
- 6 month, 1 year & 2 year terms
Traditional IRAs Learn more | Open | Contribute!
Your contributions are fully tax-deductible if you are single and are not an active participant in an employer retirement plan (such as a 401(k)). Otherwise, phase out rules apply. Investments grow on a tax-deferred basis. Earnings are taxed only upon withdrawal. We offer Contributory, Rollover, Conduit and Spousal plans. The contribution limit for tax year 2009 and 2010 for both Traditional and Roth IRAs is $5,000. If you are age 50 (or turned age 50 in the year) you may make an additional $1,000 catch up contribution, for a total of $6,000 for 2009.
Take advantage now of incentives that IRAs offer which include:
- Catch-up contributions allowed for individuals age 50 & over
Add an additional $1,000 over the maximum contribution limit until 2009. Maximum contributions from 2009 forward may be adjusted for inflation in $500 increments. No adjustment was made for 2009 or 2010. - Nonrefundable tax credit available for certain individuals
You may be eligible to receive a credit, not to exceed $1,000, on your contribution if you meet certain income requirements. - Increased portability for your retirement savings
Untaxed Traditional IRA assets are now generally permitted to be rolled over into a qualified retirement plan (employer plan).
Roth IRAs Learn more | Open | Contribute!
Roth IRAs may offer greater tax savings and withdrawal flexibility than a Traditional IRA. While contributions are not tax deductible, contributions and earnings can be withdrawn tax-free on qualified distributions. Roth IRAs have no mandatory annual distribution requirements and you can contribute beyond age 70 ½. Eligibility depends on income. Both Contributory and Conversion plans are available. The contribution limit for tax year 2009 and 2010 for both Traditional and Roth IRAs is $5,000. If you are age 50 (or turned age 50 in the year) you may make an additional $1,000 catch up contribution, for a total of $6,000 for 2009 and 2010.
- Catch-up contributions allowed for individuals age 50 & over
Add an additional $1,000 over the maximum contribution limit until 2009. Maximum contributions from 2009 forward will be adjusted for inflation in $500 increments. No adjustment was made for 2009 or 2010.
Education Savings Accounts Learn more | Open | Contribute!
Coverdell Education Savings Accounts (ESAs) are an ideal way for you to begin saving money to help a child, grandchild or any young person pay for education expenses. The contribution limit for tax year 2009 for ESAs is $2,000.
Here are some of the benefits:
- Qualified expenses for K-12 school costs
This includes home computer equipment, Internet access and tutoring. - Waiver of age limitations for children with special needs
The law allows contributions for individuals with special needs beyond age 18 and no mandatory pay-out at age 30.
For more information, call our IRA Specialists at (408) 543-5202 or (866) 543-5202. See our IRA Account Disclosure for more details.
Insurance
Traditional and Roth IRA Accounts are separately insured to $250,000 by the National Credit Union Administration, an agency of the United States Government. Coverdell Education Savings Accounts are insured under the same provisions as irrevocable trust accounts.
