A traditional IRA is a retirement account that offers tax-deferred growth with potentially tax-deductible contributions. A Roth IRA provides tax-deferred growth and tax-free qualified distributions. Select this option if you are contributing new money to a traditional or Roth IRA.
Select this option if you are transferring money from an existing traditional or Roth IRA at another institution, or rolling over assets taken from another traditional or Roth IRA within the last 60 days.
Custodial accounts may offer certain tax benefits for gifts to minors. Once money has been invested into a custodial account, the money becomes the irrevocable property of the minor. However, the custodian (an adult named in the application) maintains control of the account until the minor reaches the age at which custodianship ends for the state in which it was established.
An Education Savings Account offers certain tax benefits to individuals investing money for their child\'\s education. A child under age 18 is named as the beneficiary on the account, with a parent or legal guardian named as the responsible individual. Penalties may apply if proceeds are used for purposes other than education.
You must have a pre-existing trust to establish this type of account, and the account can only be funded by check. Only the trustee of a personal trust (under a Social Security number) can complete this online application and fund the account. All other trust accounts must be opened with a paper application.