Hard work pays off. Our tax-advantaged1 IRAs make sure that payoff is even higher.
- Competitive Interest
- Tax Advantages1
- No Setup or Monthly Fees
- Experience tax-advantaged retirement savings1
- Competitive interest above standard savings rates
- Traditional and Roth IRA options are available
- SEP is also available for self-employed customers
- No setup fees
- No monthly or annual maintenance fees
- Annual contribution limits apply
- Additional $1,000 “catch-up” contribution allowed for ages 50+2
- Funds may be used to purchase CDs within your IRA
- $500 minimum deposit to open
1Consult a tax advisor.
2As of 2014; IRS may change figure annually.
Traditional vs. Roth
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.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax1
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty2
- Mandatory withdrawals at age 70½
- Income limits to be eligible to open Roth IRA3
- 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- Principal contributions can be withdrawn without penalty1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 penalty2
- No mandatory distribution ages
- No age limit on making contributions as long as you have earned income
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.