Individual Retirement Accounts (IRAs)

• View Rates for this account
• Save for retirement with tax advantages*
• Earn competitive rates higher than regular savings
• Pays monthly interest
• Traditional or Roth IRAs available
• Annual contribution limits apply*
• $1,000 annual “catch up” contributions allowed for ages 50 and up
• $20 annual service fee waived with checking account 
• Funds can be used to purchase CDs within IRA
• $500 minimum deposit to open CD**
• $100 minimum deposit to open savings**

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 time of retirement.

Traditional IRA

• No income limits to open
• No minimum contribution requirement
• 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 59 ½
• Early withdrawals subject to penalty*
• Mandatory withdrawals at age 72

Roth IRA

• Prepare for qualified medical expenses
• Income limits to be eligible to open Roth IRA*
• Contributions are NOT tax deductible
• Principal contributions can be withdrawn without penalty*
• Withdrawals on interest can begin at age 59 ½
• Early withdrawals on interest subject to penalty*
• No mandatory distribution age
• No age limit on making contributions as long as you have earned income