THE TRADITIONAL IRA


A retirement program that provides tax benefits to individuals. Contributions may be made at any time during the calendar year and up to April 15th of the following year (or the next business day if April 15th falls on a weekend), and may be tax-deductible**. The deposits may consist of either pre-tax or post-tax money. The earnings are tax-deferred.

Features and Benefits of Traditional IRAs¹:

Available to individuals only. Traditional IRAs at The First National Bank of Long Island are invested in Savings Certificates with a term of one through six years. Minimum deposit to open is $500. A Traditional IRA may be transferred directly from one institution to another without penalty (unless a certificate is closed prior to maturity). Money from other types of retirement plans, such as a 401K, a Keogh, a pension, etc., may be rolled into a Traditional IRA. Interest earned on a Traditional IRA is tax-deferred until the money is withdrawn. A Traditional IRA, combined with any other retirement account(s) at the same financial institution, is insured by the FDIC for up to $250,000. Catch up and spousal contributions are allowable, if applicable. There are no time or frequency limits on direct transfers between financial institutions. Rollovers are limited to one per IRA plan per 12 months.

For more information, visit one of our Branch Locations nearest you or simply call (516) 671-4900 or (212) 566-1500.

Click here to read our Traditional IRA Brochure

* This offer is subject to change at anytime without notice to you.
**Consult your tax advisor for deductability.


1 Other restrictions apply for contributions, distributions, rollovers and IRA transfers.