Ensure a secure future — we offer competitive rates on traditional and Roth options.
Details
- Competitive dividends above standard savings rates
- Tax advantages to boost your balance*
- Traditional and Roth IRA options
- No setup fees
- No monthly maintenance fees
- $25 annual maintenance fee
- $6,000 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase CDs within IRA
- $100 minimum deposit to open
*Consult a tax advisor.
Traditional vs Roth
Which kind of IRA works best for you? Traditional and Roth IRAs both offer distinct tax-advantages to help you save. But they work in different ways. Consult a tax advisor to determine the IRA that best suits your retirement plans.
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 59½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 72
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- Principal contributions can be withdrawn without penalty*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 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.
***Consult a tax advisor.
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