As your bank through life, we want to help you prepare for the retirement you deserve. Start saving today — it’s never too early or too late.
- Competitive Interest
- No Setup or Maintenance Fees
- Tax Advantages*
- Competitive interest earnings with tax advantages*
- Compounded daily or quarterly; credited quarterly
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- Annual contribution limits apply (see current contribution limits; $6,000 as of 2019)1
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Receive an annual statement
- Early withdrawals of principal may be subject to penalty fees2
- Funds can be used to purchase CDs within IRA
- $500 minimum deposit to open
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax1
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty2
- Mandatory withdrawals at age 70½
- Income limits to be eligible to open Roth IRA3
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal1
- Principal contributions can be withdrawn without penalty1
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty2
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.
1Consult a tax advisor.
2Penalty for Early Withdrawal:
6 Month IRA CD | One month's interest on amount withdrawn
12 Month IRA CD | One month's interest on amount withdrawn
18 Month IRA CD | Three months interest on amount withdrawn
24 Month IRA CD | Three months interest on amount withdrawn
30 Month IRA CD | Three months interest on amount withdrawn