Individual Retirement Accounts (IRAs)

It’s never too soon (or too late) to prepare for retirement with a traditional or Roth IRA. Start today and enjoy tax advantages* with each account.

Key Features

  • Competitive Interest
  • Tax Advantages*
  • No Setup or Maintenance Fees
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  • Save for retirement with tax advantages1
  • Competitive interest above standard savings rates with fixed-term CD
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • Annual contribution limits apply (see current contribution limits)1
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Penalty for early withdrawal
  • $1,000 minimum deposit to open

1Consult a tax advisor.

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 59½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70½

Roth IRA

  • 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  • Principal contributions can be withdrawn without penalty1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 age
  • 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.

Fixed Rate IRA

Get a guaranteed return for the term of your choice.

  • Funds invested in fixed rate CDs
  • Terms ranging from 1 to 3 years
  • Minimum deposit of $1,000
  • No annual fee
  • Penalty for early withdrawal

Variable Rate IRA

This option doesn't offer a fixed rate but does allow you to contribute funds during the term.

  • Funds invested in variable rate CDs
  • 18-month term
  • Minimum deposit of $1,000
  • Contributions allowed during CD term
  • No annual fee
  • Penalty for early withdrawal

*Consult a tax advisor.

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