Individual Retirement Accounts (IRA)

Make your golden years more secure by saving for them in advance — it’s never too early or too late.

Rates

Key Features

  • Tax Advantages1
  • Pays Interest
  • No Setup or Maintenance Fees
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  • $1,000 minimum deposit to open 
  • Tax-advantaged retirement savings1 
  • Traditional and Roth IRA options 
  • No setup fees 
  • $20 annual maintenance fee applies
  • Annual contribution limits apply (see current contribution limits; $6,500 as of 2023) 
  • Additional $1,000 "catch-up" contribution allowed for ages 50+ 

1Consult a tax advisor. 

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 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 73 

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  • Principal contributions can be withdrawn without penalty2 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

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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