Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)

See Current Rates

Invest in your retirement with tax-advantaged* savings. There are no setup fees to open a traditional IRA account, and no monthly or annual maintenance fees! Start saving now to solidify your future income.

Benefits
  • Tax-advantaged retirement savings*
  • Competitive dividends above standard savings rates**
  • No setup fees
  • No monthly or annual maintenance fees
  • No income limits to open
  • No minimum contribution requirement
  • $5,500 contribution limit per year (as of 2014)
  • Contributions are tax deductible on state and federal income tax*
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase share certificates within IRA
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty***
  • Mandatory withdrawals at age 70 ½
  • $1,000 minimum deposit to open

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

**Applies if placed in a CD.

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