Newport Federal Bank's Individual Retirement Accounts (IRA's)

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IRA - The traditional IRA is an account that allows you to defer taxes on earnings on your contributions until they are withdrawn.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.