Some mutual funds have names similar to a bank's name. But just like other mutual funds or investment products, those funds are not backed by the bank or insured by the government. Some banks sell annuities. Annuities are investment products that can pay you a return annually or at regular intervals. When you buy an annuity, the insurance company invests your money and agrees to pay you back according to the terms of the annuity contract.
Annuities can be part of a long-term retirement savings plan.
Like mutual funds, annuities are not insured by the U.S. government or guaranteed by the bank. Some annuities help you set aside money on a tax-deferred basis until you retire. You don't pay taxes on the income earned by this money until you retire. For more information about annuities, see the reference list at the end of the brochure. Before you buy an annuity, you should review the annuity contract.