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Individual Retirement Accounts (IRAs)

Retire on your terms. We offer traditional and Roth IRAs — so you can save the way that works best for your family.

Rates

Key Features

  • Tax Advantages1
  • Competitive Dividends
  • No Setup or Maintenance Fees
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  • Tax-advantaged retirement savings1
  • Competitive dividends above standard savings rates
  • Traditional and Roth IRA options available
  • No setup fees
  • No monthly or annual maintenance fees
  • Annual contribution limits apply (see current contribution limits; $6,500 as of 2023)
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • $50 minimum deposit to open

When do you want to enjoy your tax advantage? Traditional IRAs can provide tax relief today, while Roth IRAs have the potential for the most tax benefit at the time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax2
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty3
  • Mandatory withdrawals at age 72

Roth IRA

  • Income limits to be eligible to open Roth IRA1
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal2
  • Principal contributions can be withdrawn without penalty2
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty3
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income
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1Consult a tax advisor.

2Subject to some minimal conditions. Consult a tax advisor.

3Certain exceptions apply, such as healthcare, purchasing first home, etc.