Individual Retirement Accounts (IRAs)

Invest in your future with a traditional or Roth IRA. These tax-advantaged* accounts let you save for retirement while earning competitive interest. Roll your IRA into a CD for further earnings.

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Account Details

Requirements

$500 minimum opening deposit on most terms

Service Charge

  • No setup fees
  • No monthly or annual maintenance fees

Interest & Tax Savings

Tax-advantaged savings*

Other Features

  • Competitive interest above standard savings rates
  • Traditional and Roth IRA options
  • $6000 contribution limit per year, $7000 if you are 50 or older.
  • Funds can be used to purchase CDs within IRA
  • Variety of IRA terms ranging from 1 year to 5 years
  • Depositors are FDIC insured up to the maximum allowed by law

*Consult a tax advisor.

Traditional vs. Roth

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

Income Limits

No income limits to open

Contributions

No minimum contribution requirement

Tax Implications

  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)

Distribution

  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 ½

Roth IRA

Income Limits

Income limits to be eligible to open Roth IRA***

Contributions

  • Principal contributions can be withdrawn without penalty*
  • No age limit on making contributions as long as you have earned income

Tax Implications

  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*

Distribution

  • Withdrawals on interest can begin at age 59 ½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age

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

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

***Consult a tax advisor.

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