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Retirement, Education, and Health Savings Solutions

Our RiverWood Bank Certificates of Deposit are available for Traditional IRA, Roth IRA, and Education Savings accounts.  See Certificates of Deposit for more details.

Individual Retirement Accounts

Individual Retirement Accounts (IRAs) are a great tool to use for meeting your retirement savings goals, offering tax benefits to those who are eligible.  You may be eligible to choose from both Roth and Traditional IRAs.  Consult your tax advisor.

Traditional IRAs*

Roth IRAs*

Coverdell Education Savings*

An Education Savings Account is a savings tool created for the purpose of paying for a child's education.  The plan allows for total after-tax contributions of $2,000 per year for each child until they reach the age of 18.  These contributions and their subsequent earnings are tax-free when withdrawn to pay for qualified education expenses.

A qualified education expense is one that is required for the enrollment or attendance by your child at an eligible educational institution, including elementary, secondary, or post-secondary institutions.  These expenses include tuition, fees, books, supplies, and equipment.   

Health Savings Accounts (HSAs)*

A Health Savings Account is an account that is used to save for future medical expenses in conjunction with a High Deductible Health Plan (HDHP).  Contributions to an HSA are generally tax-deductible, the earnings grow tax deferred, and the distributions are tax free when used for qualified medical expenses.  Contributions may be made by you, your employer, or your family members.  Certain eligibility requirements and contribution limits apply and are determined by the IRS.  

To learn more about the features, benefits, and eligibility requirements of a Health Savings Account, visit our Online Education Center.

RiverWood Bank makes access to your Health Savings Account funds convenient with a FREE Debit Card, unlimited check writing, and FREE Online Banking. 

For more information about our RiverWood Health Savings Account, see Savings Accounts.

*Consult your tax advisor, legal counsel, and/or insurance agent for advice and information concerning your particular situation and your eligibility for IRAs, Education Savings, and Health Savings Accounts.  RiverWood Bank representatives may not give legal or tax advice.