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
Details
- 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
Traditional vs. Roth
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- Principal contributions can be withdrawn without penalty1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
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.