Individual Retirement Accounts (IRAs)
The best time to start saving for the future is right now, in the present. An IRA is tax-advantaged savings vehicle designed to help you plan ahead so you can live comfortably when you reach retirement. We offer traditional and Roth IRA options, each with their own advantages. You can even roll over your 401(k) into an IRA with us. Let us help you get started today!
- Summary
- Save for retirement years
- Interest bearing accounts
- Traditional or Roth IRAs
- Savings and Certificates of Deposit (CD) options
- Tax free or tax deferred earnings
- Short and long-term options
- Convenient automatic renewal
- Penalty for early withdrawal
- $500 minimum opening balance for CD IRAs
- $100 minimum opening balance for Savings IRAs
- IRA Options
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Traditional IRA
A traditional IRA is available to anyone under age 70½ who receives taxable compensation during the year. Interest earned on your IRA grows tax-deferred until you withdraw the funds.
- Interest grows tax deferred
- Some or all of contributions may be tax deductible*
- Penalty free withdrawals available at age 59½
- Withdrawals required by age 70½
*Deductibility of IRA contributions may be dependent on the customer's participation in a qualified company retirement plan (like a 401k). Consult your tax advisor.
Roth IRA
Unlike the traditional IRA, your Roth IRA contributions are not tax deductible, but interest earnings typically grow tax-free if you hold the funds for at least five years and are at least age 59½.
- Interest earnings are tax free
- Contributions NOT tax deductible
- Withdraw principle penalty-free at any time
- No mandatory distribution age
- Eligibility dependent on a modified adjusted growth income
