Individual Retirement Accounts (IRAs)
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
*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.
- 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
- 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- Principal contributions can be withdrawn without penalty*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.