Individual Retirement Accounts (IRAs)

Retirement may seem far away, but time flies! It’s never too late to save with tax advantages.*

Rates

Key Features

  • Competitive Dividends
  • Tax Advantages*
  • Tax-advantaged retirement savings*
  • Competitive dividends above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • Low, $25 annual maintenance fee
  • Annual contribution limits apply (see current contribution limits; $7,000 as of 2024)*
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • No minimum deposit required to open

*Consult a tax advisor.

  • Tax-advantaged retirement Share Certificate*
  • Competitive Certificate rate above standards savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • Low, $25 annual maintenance fee (charged to IRA Savings)
  • Annual contribution limits apply (see current contribution limits; $7,000 as of 2024)*
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Low minimum deposit to open

*Early withdrawals may have tax consequences, in addition to early withdrawal penalties. Consult a tax advisor. Must open IRA Savings account for annual fee. See website for current rates.

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

  • 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 72 

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  • Principal contributions can be withdrawn without penalty***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 dividends can begin at age 59 ½
  • Early withdrawals on dividends subject to penalty***
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Consult a tax advisor.

**Subject to some minimal conditions. Consult a tax advisor.

***Certain exceptions apply, such as healthcare, purchasing first home, etc.