The best time to save for the future is now, in the present. Don’t pass up an opportunity to save with an IRA that offers significant tax advantages.* Get returns above standard savings and no setup fees.
Individual Retirement Accounts (IRAs)
- View Rates for this account
- Save for retirement with tax advantages*
- Earn competitive rates higher than regular savings
- Pays monthly interest
- Traditional or Roth IRAs available
- Annual contribution limits apply*
- $1,000 annual “catch up” contributions allowed for ages 50 and up
- $20 annual service fee waived with checking account
- Funds can be used to purchase CDs within IRA
- $500 minimum deposit to open CD**
- $100 minimum deposit to open savings**
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 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 72
- Prepare for qualified medical expenses
- Income limits to be eligible to open Roth IRA*
- Contributions are NOT tax deductible
- Principal contributions can be withdrawn without penalty*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
Take charge of your future with an IRA!
*Consult a tax advisor.
**You must deposit $100.00 to open an IRA Savings account. A minimum balance fee of $3 applies every statement cycle if the balance in the account falls below $100 any day of the cycle. An inactive account fee of $5.00 is applied after 12-months without activity for balances less than $500. Rate may change after account is opened. Fees may reduce earnings.