Newport Federal Bank offers three types of IRA's to our customers: Traditional, Roth, and Education.
Traditional IRA - The traditional IRA is an account that allows you to defer
taxes on earnings on your contributions until they are withdrawn. Also,
certain contributions are tax deductible in the tax year for which they are made.
Roth IRA - The Roth IRA allows only nondeductible contributions and features tax-free withdrawals for certain distribution reasons
Education IRA (Coverdale Education Savings
Account - CESA) - This IRA is a nondeductible account that
features tax-free withdrawals for a very specific
purpose - a child's education expense.