THE ROTH IRA


A retirement program whose contributions are not deductible, but distributions may be tax-free**. Contributions can 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). This plan is a method of saving post-tax funds. The earnings are tax-free.

Features and Benefits of Roth IRAs¹:

Available to individuals only. Roth 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 Roth IRA may be transferred directly from one institution to another without penalty (unless a certificate is closed prior to maturity). Interest earned on a Roth IRA is tax-free. A Roth IRA, combined with any other retirement account(s) at the same financial institution, is insured by the FDIC for up to $250,000. There are no required distributions. There are no age restrictions for contributions. Catch-up and spousal contributions are allowable, if applicable.

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 Roth IRA Brochure

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


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