Personal Banking

IRA Savings - Individual Retirement Accounts

An Individual Retirement Account (IRA) offers potential tax benefits* and the opportunity to grow your savings for whatever the future holds. It is never too early or late to get started. Take the next step toward a comfortable retirement and open an IRA today.

Account Details:

  • Flexible terms from 1 year to 30 months
  • Minimum opening deposit $100

The most common types of IRA's:

  • Traditional IRA's
  • Roth IRA's
  • Education IRA's

Traditional IRA's

  • The money in your account grows on a tax-deferred basis
  • Your contributions may be tax-deductible (consult your tax advisor for deductibility in your situation)
  • You may withdraw money without penalty at age 59½ (premature withdrawals may be subject to ordinary income tax and a 10% tax penalty)
  • Required minimum distributions must begin after age 70½
  • Avoid tax penalties by rolling over money from your previous company's 401(k) or 403(b) plan.

Roth IRA's

  • The money in your account grows tax-free, however contributions are not tax-deductible as with a Traditional IRA
  • Tax-free withdrawals in retirement if you have reached age 59½ and have held the account at least five years (premature withdrawals may be subject to ordinary income tax and a 10% tax penalty)
  • You are not required to begin taking distributions at age 70½

Education IRA's

  • Contributions and earnings grow tax-free
  • Money can be used without a penalty for certain education expenses

*Please consult your tax advisor for information regarding tax benefits.

Questions? Contact us.

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