Individual Retirement Accounts (IRAs)

Rates

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.

Benefits
  • 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:
  • Payroll
  • Savings
  • 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.


Traditional IRA

  • 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

Roth IRA

  • 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  • Principal contributions can be withdrawn without penalty*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.

Questions