Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)

Whatever you dream up for your golden years, help make it come true with a tax-advantaged IRA1.

Key Features

  • Competitive Interest
  • No Service Fee
  • Tax Advantages
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  • Tax-advantaged retirement savings1
  • Interest rates well above standard savings
  • Traditional and Roth IRAs available
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,500 contribution limit per year 
  • Additional "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • $1,000 minimum deposit to open

There are two kinds of IRA, each with distinct features and tax advantages1. A tax advisor may be able to help you decide which one will best fit your retirement goals.

Traditional IRA

  • No income limits to open
  • No minimum contribution in any year 
  • Contributions are tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70½

Roth IRA

  • Need to meet income limits to be eligible
  • 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  • Principal contributions can be withdrawn without penalty1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
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1Subject to some minimal conditions. Consult a tax advisor.

2Certain exceptions apply, such as healthcare, purchasing first home, etc.