Live the good life during retirement with an IRA. Start saving early to maximize your money.
Key Features
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Competitive Interest
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Tax Advantages1
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No Monthly or Annual Fees
- We offer Traditional, Roth and SEP IRA plans.
- Open an IRA savings account for easy access to funds
- Open any of our CD products for competitive interest above standard savings rates
- No setup fees and no monthly or annual maintenance fees on your IRA plan
- Potential tax advantages1
- Minimum opening deposit as low as $52
- Contribution limits for 2024:
- $7,000 for those under age 50
- $8,000 for those age 50 or older
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. 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
- Contributions are tax deductible on state and federal income tax1
- Earnings are tax deferred until withdrawal
- Distributions can begin at age 59½
- Mandatory distributions begin at age 73
- Early withdrawals are subject to penalty3
- Visit the IRS.gov website for more information on traditional IRAs
Roth IRA
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal1
- Principal contributions can be withdrawn without penalty1
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty3
- No mandatory distribution age
- Visit the IRS.gov website for more information on Roth IRAs
Self-employed individuals and small business owners can utilize a Simplified Employee Pension (SEP) plan to gain tax advantages while saving for retirement.
- Available to any size business, including self-employed individuals
- Business owners can contribute to own their own retirement as well as their employees’
- Contributions are tax deductible1
- Flexible annual contribution by employers (percentage chosen is not locked)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty3
- Mandatory withdrawals at age 73
- Visit the IRS.gov website for more information on SEP IRAs
1 Please consult a qualified tax professional as certain exceptions may apply. For more information please visit irs.gov.
2 Minimum to open IRA Savings account is $5. Minimum deposit for CDs may vary based on CD product.
3 CDs closed prior to maturity may be subject to bank penalties and fees. Please refer to account disclosures. Non-qualified closures or withdrawals from an IRA account may also be subject to IRS penalties.