Individual Retirement Accounts (IRA)s

Individual Retirement Accounts (IRAs)

Have the ability to retire in style when you start saving up now. We offer both Traditional and Roth IRA plans.

Apply Now
  • Competitive interest above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • Contributions subject to annual limits set forth by the IRS
  • Funds can be used to purchase CDs within IRA
  • $10 minimum deposit to open 18-month variable IRA

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 the time of retirement.

Traditional IRA

A tax-advantaged personal savings plan where contributions may be tax-deductible.

  • You can contribute if you, or your spouse (filing jointly), has taxable income
  • Subject to annual contribution limits set forth by the IRS
  • Any deductible contributions or earnings withdrawn or that are distributed from the IRA are taxable***
  • 10% tax penalty for early withdrawals (before age 59 ½) unless you qualify for an exception**
  • Required Minimum Distributions begin at age 73
  • Subject to bank penalties for early withdrawals if the CD is not matured, or another known exception applies

Roth IRA

A tax-advantaged personal savings plan where contributions are not deductible, but qualified distributions may be tax-free. 

  • Customer must have Taxable Compensation and Modified Adjusted Gross Income below certain amounts to open a Roth IRA***
  • Subject to annual contribution limits set forth by the IRS
  • Qualified distributions are not taxable**
  • 10% tax penalty for early withdrawals (before age 59 ½) unless you qualify for an exception**
  • Early withdrawals on interest subject to penalty**
  • Not subject to Required Minimum Distributions
  • Subject to bank penalties for early withdrawals if the CD is not matured, or another known exception applies

*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
***Consult a tax advisor.

Apply Now