Individual Retirement Accounts (IRAs)

Rates

Make up for lost time with an IRA that makes it easier to catch up. Choose from a Traditional or Roth option to get started.

Key Features

  • Competitive Interest
  • Tax Advantages1
  • No Setup Fees
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  • Competitive interest above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • Annual contribution limits apply (see current contribution limits)3
  • Additional "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • $100 minimum deposit to open IRA Savings
  • $1,000 minimum deposit to open IRA CD

When do you want to enjoy your tax advantage? A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at the time of retirement.

 Traditional IRA

  • Earned income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½ (without penalty)
  • Early withdrawals subject to penalty2
  • 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 Roth IRA3
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Withdrawals on interest can begin at age 59½ (without penalty)
  • Early withdrawals on interest subject to penalty2
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income
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1Subject to some minimal conditions. Consult a tax advisor.

2Certain exceptions apply, such as healthcare, purchasing first home, etc.

3Consult a tax advisor.