Personal Savings

Individual Retirement Accounts (IRAs)

A comfortable retirement doesn’t have to be just a dream — make it your reality by setting aside money today. Earning competitive interest on your IRA means you’ll reach your financial goal for retirement that much faster.

Plus, you may be able to enjoy possible tax advantages now.1 We offer traditional and Roth IRA options, so you can choose what is right for you.

Summary
  • $500 minimum deposit to open
  • Competitive interest above standard savings rates
  • Possible tax advantages¹
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+

 

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.

Traditional IRA

  • 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 59 1/2
  • Early withdrawals subject to penalty²
  • Mandatory withdrawals at age 70 1/2

Roth IRA

  • Income limits to be eligible to open Roth IRA¹
  • 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  • Principal contributions can be withdrawn without penalty¹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 59 1/2
  • Early withdrawals on interest subject to penalty²
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

¹Consult a tax advisor.

²Certain exceptions apply, such as healthcare, purchasing first home, etc.