Individual Retirement Accounts (IRAs)

It’s never too early to start saving for the future. We’ll help you find the right IRA for your retirement plans.

Key Features

  • Competitive Interest
  • Tax Advantages1
  • No Setup or Maintenance Fees
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  • Competitive interest 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; $6,000 as of 2020)
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • $500 minimum deposit to open

Interest is compounded daily and paid; monthly, quarterly, annually or at maturity. Have your earned interest credited to your account or receive a check according to the term you have chosen.

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  • Principal contributions can be withdrawn without penalty2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.

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