Individual Retirement Accounts
Save for the future!
Features
- $500 minimum balance
- Competitive interest above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- Funds can be used to purchase CDs within IRA
- No monthly or annual maintenance fees
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 the Roth IRA offers an opportunity for the most tax benefit at time of retirement.
Traditional IRA
- No minimum contribution in any year allowing flexibility
- Contributions are tax deductible on state and federal income tax**
- Earnings are tax deferred until withdrawal
- Withdrawals can begin at age 59 1/2
- Early withdrawals subject to penalty***
- Mandatory withdrawals at age 70 1/2
Roth IRA
- No minimum amount to set up
- 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- Principal contributions can be withdrawn without penalty**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 1/2
- 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 control of your finances and pay yourself first! Visit us and start preparing today for what could happen tomorrow.
*Consult a tax advisor
**Subject to minimal conditions. Consult a tax advisor
***Certain exceptions apply, such as healthcare, purchasing first home, etc
**Subject to minimal conditions. Consult a tax advisor
***Certain exceptions apply, such as healthcare, purchasing first home, etc
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