It’s never too early to prepare for your retirement.
We offer traditional and Roth IRAs, which offer distinct tax advantages* to help you make the most of your hard-earned funds. Not sure what you need? We can help you decide.
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Competitive Interest
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Tax Advantages*
Details
- Tax-advantaged retirement savings*
- $20 annual fee per plan
- May be opened for a non-working spouse
- $1,000 minimum deposit to open
- All CD terms are available as IRAs
- Early withdrawal penalties may apply (7-day grace period).
*Consult a tax advisor.
Traditional vs. Roth
There are two kinds of IRA, each with distinct tax advantages*. Your tax advisor can help you decide which one is best suited for you, depending on your savings goals and current situation.
Traditional IRA
- No income limits to open
- No minimum contribution in any year
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 73
- No age limit on making contributions as long as you have earned income
Roth IRA
- Income limits to be eligible to open
- 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- Principal contributions can be withdrawn without penalty*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 59½
- 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.