Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)

We've all heard that slow and steady wins the race. When it comes to retirement, the earlier you get started the more truth there is to that argument. Our IRAs offer an interest-earning safe place for you to set aside year after year for your ideal retirement.

We offer both traditional and Roth options — each with different associated tax advantages.* Whether you've got your heart set on fishing pier relaxation or the hustle and bustle of keeping up with grandkids, an IRA helps you stay on track.

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Summary
  • Competitive interest above standard savings rates
  • Rate adjusted annually on anniversary date
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • IRA outgoing transfer fee - $25.00 per transfer
  • Annual contribution limits apply
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • $1,000 minimum deposit to open

*Consult a tax advisor.

Traditional vs. Roth

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.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 ½

Roth IRA

  • Income limits to be eligible to open Roth IRA***
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59 ½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Subject to some minimal conditions. Consult a tax advisor.

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

***Consult a tax advisor.