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Loans for almost any purpose under the sun. Visit a branch near you today.
 
 
Individual Retirement Accounts
Individual Retirement Accounts. I R As
Plan for the future - your retirement and your child's education. And earn interest on your money, without paying taxes today. Ocean Bank recommends that you consult with your tax advisor for complete information and recommendations on the right investment plan for you and your family.
Individual Retirement Account (Traditional IRA)
With an Ocean Bank Individual Retirement Account (IRA), you can invest for the long-term without
risk and a guaranteed rate of return.
  Tax-deferred earnings until age 59½
  Maximum contribution for eligible individuals under age 50 is $5,000
  Contributions may be fully tax deductible. Consult with your Tax Advisor.
 
Roth IRA
If you meet Adjusted Gross Income (AGI) eligibility requirements, get the long-term benefits of a
traditional IRA, plus the flexibility to withdrawal contributions without tax or penalty.
  Tax-deferred earnings until age 59½
  Eligibility to contribute to a Roth IRA depends on Adjusted Gross Income (AGI)
  Maximum contribution for eligible individuals under age 50 is $5,000
  Contributions are not tax deductible
 
Coverdell Educational Savings Account (CESA), formerly known as an Educational IRA
Set aside money for your child's college education without paying taxes on the earnings - or if the
withdrawals are used for the beneficiary's qualified higher education expenses at an eligible institute
of higher learning.
  Tax-deferred earnings
  Beneficiaries of this account must be under the age of 18 or a special needs beneficiary
  Eligibility to contribute to a CESA depends on Modified Adjusted Gross Income (MAGI)
  Maximum contribution is $2,000 per child per year
  Contributions are not tax deductible
 
To open your Ocean Bank IRA today, just visit any one of our convenient
South Florida branch locations.
 
Benefits of an IRA Account:
  FDIC Insured up to $250,000 per depositor
  Safe and insured way to make your money grow
  Flexibility in selecting a broad range of terms, maturities and interest disbursement methods
  Money earns interest from date of deposit until maturity date
  A withdrawal will reduce earnings
  Flexibility to transfer earned interest to another account
  Account Fees: Not Applicable
 
Early Withdrawal Penalties:
A penalty may be imposed for withdrawals before maturity.
  If the original term is equal to or less than 31 days, the penalty will be equal to thirty
(30) days of interest on amount withdrawn.
  If the original term of this certificate is more than 31 days but less than or equal to 1 year,
the penalty will be equal to 90 days of interest on amount withdrawn.
  If the original term of this certificate is greater than 1 year, the penalty will be equal to
180 days of interest on amount withdrawn.
 
For IRS penalty provisions on IRA accounts, please refer to the new account IRA disclosure material.
     
 
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