Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)

Rates

Make sure you’re prepared for retirement by saving now — and earning competitively on those future-building funds.

Key Features

  • Competitive Dividends
  • Expert Advice
  • Tax Advantages*
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  • Competitive dividends above standard savings rates
  • Dividends earned on balances of $100 or more
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • Potential tax advantages*
  • $5,500 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase certificates within IRA
  • $50 minimum deposit to open

*Consult a tax advisor.

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  • Principal contributions can be withdrawn without penalty*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.

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