Certificate of Deposit
A Certificate of Deposit or CD is a time deposit. CDs are similar to savings accounts in that they are insured and offer the safety of an FDIC insured investment up to the allowable deposit balances. CD accounts are recommended for customers who do not need to have immediate access to their funds.
This form of IRA allows you to contribute a certain dollar amount each year of your earned income for retirement purposes. The benefit of investing in a traditional IRA include: tax-deferred earnings, and for many people, tax deductibility. This account also accepts rollover deposits from either another IRA or from a qualified plan distribution.
A Roth IRA allows only non-deductible contributions, but features federal income tax-free withdrawals for certain distribution reasons after a five-year holding period. To be eligible you must have compensation and your modified adjusted gross income cannot exceed certain limits.
Health Savings Account
A Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying or reimbursing qualified medical expenses of you, your spouse, and your dependents.