Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)

Summary

Take the simpler path to retirement with an IRA. Get a real start on your retirement plan, including competitive interest and tax-advantaged* options to keep you on track.

Make comfortable contributions each year. The sooner you get started, the more likely you can retire at a timely age. So open your IRA today and spend your retirement how you choose — rather than working well into your golden years.

Individual Retirement Account Details:

  • Tax-advantaged* retirement savings
  • Competitive interest above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees

IRA Savings Account Details:

  • Low $100 minimum deposit to open an IRA Savings
  • Quarterly statement

IRA Certificate of Deposit Details:

  • $1,000 minimum deposit to open a CD within IRA
  • IRA CD terms available: 12,24,36,48, and 60 months

Check out our current rates. Plus, get insights into your retirement plan with our retirement savings calculator.

*Consult a tax advisor.

Traditional vs. Roth IRAs

What's the difference between a Traditional and Roth IRA? Compare Traditional vs. Roth IRAs below. Then consult a tax advisor to determine what type of IRA makes sense for you and your family.

Traditional IRAs:

  • No income limits to contribute
  • No minimum contribution in any year
  • 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 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

Roth IRAs:

  • Income limits to be eligible to contribute
  • Contributions are NOT tax deductible
  • Earnings are 100% tax-free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

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

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

Coverdell ESAs

Give the aspiring scholar in your life a head start, not a stack of student debt. A Coverdell Educational Savings Account (ESA) can help you cover the costs of your child's education — including tuition, room, board, books, and more. Plus, interest is tax-free when used to cover qualified educational expenses!

Coverdell Educational Savings Account Details:

  • No setup or annual fee
  • Interest grows tax-free
  • Withdrawals are tax-free when used for qualified education expenses*
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply**
  • Contributions are not tax deductible

*Qualified expenses include tuition and fees, books, supplies, board, etc.

**Consult a tax advisor.