Individual Retirement Accounts (IRAs)
Securing a comfortable retirement takes a little planning — and an IRA can be a key piece of that plan. You'll enjoy tax-advantages* as well as competitive interest earnings.
With no setup fees, it's easy to get started. Choose between our traditional and Roth options — it's never too early or too late.
- Prepare for a healthy, happy retirement ahead of time
- Retirement savings with tax-advantages*
- Earn competitive interest at a higher rate than a standard savings account
- Traditional and Roth options available
- No setup or annual fee
- No monthly service fee
- Simplify saving with automatic deductions from:
- Annual contribution limits apply (see current contribution limits)
- Additional "catch up" contribution allowed for members age 50 and better
- Free online banking
- Free mobile banking
- Early withdrawal penalties may apply
- $500 minimum deposit to open
*Consult a tax advisor.
- Traditional vs. Roth
There are advantages to each IRA option. The biggest difference is when you see the advantage: a traditional IRA provides potential tax benefits today, while a Roth IRA has the potential for tax benefits when you retire. We'll be glad to discuss your options with you. Simply contact us or come visit us.
- No income limits to open
- No minimum contribution required
- 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
- Income limits to be eligible to open Roth IRA***
- Contributions are NOT tax deductible
- Earnings are completely 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- Principal contributions can be withdrawn without penalty*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.