Individual Retirement Accounts (IRAs)

Take the smart road to retirement with an Individual Retirement Account (IRA) – a tax-advantaged* way to save. Unless, of course, you'd rather spend your golden years hard at work.

We offer traditional and Roth IRAs, with both fixed and variable rate plans available. So you can make contributions year by year, and reach your retirement with cash to spare – and in a timely manner.

Summary
  • Tax-advantaged* retirement savings
  • Competitive interest rates above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance charges
  • $5,500 contribution limit per year (as of 2013)
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Low $1,000 minimum deposit to open

*Consult a tax advisor

Traditional vs. Roth

Not sure whether a tradional or Roth IRA is right for you? Both traditional and Roth IRAs can keep you on track to a timely retirement. Compare traditional vs. Roth IRAs below – including the unique tax advantages each offers to facilitate your retirement savings! Then consult a tax advisor to determine which IRA is right for you!

Traditional IRA:

  • No income limits to open
  • No minimum contribution in any year
  • 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 70½

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  • Principal contributions can be withdrawn without penalty*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.