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Individual Retirement Accounts (IRAs)
An IRA is a great way to ensure that your retirement years are some of your best years. Simply make contributions up to $5,500 per year,** and you'll enjoy tax-advantaged* savings at a higher rate than a standard savings account.
Choose between traditional or Roth options, depending on your needs. Then enjoy the peace of mind that comes with a more secure retirement. It's never too early or too late to start saving, so open your IRA today.
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- Benefits
- Secure way to save for retirement
- Enjoy tax-advantaged* savings
- Earn competitive interest at a higher rate than standard savings
- Traditional and Roth options available
- Certificate of deposit option available within IRA
- Contribute up to $5,500 per year**
- Additional $1,000 "catch-up" contribution for customers age 50 and better**
- Conveniently contribute via checking or savings
- Early withdrawal penalties may apply
- FDIC insured up to $250,000
- No setup fees
- No annual fees
- $100 minimum deposit to open
*Consult a tax advisor.
**As of tax year 2014.
- Traditional vs. Roth
There are advantages to both traditional and Roth IRAs. 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- Principal contributions can be withdrawn without penalty* Withdrawals on interest can begin at age 59 ½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.