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Individual Retirement Accounts (IRA)

Saving for the Future: We Make it Flexible and Affordable

Saving for retirement is important, and we're here to help. An IRA provides a smart way to save for the future and benefit from tax advantages.* You can open an account with only $500 and then add deposits as you are able each year. There are no set-up or maintenance fees, just savings that increase over time--plus, you earn competitive dividends that will help your nest egg grow.

Tax-Advantaged* Retirement Savings

  • Competitive dividends above standard savings rates
  • Traditional and Roth IRA options
  • No set-up fees
  • No monthly or annual maintenance fees
  • Ability to open a term certificate within your IRA
  • $500 minimum deposit to open term certificate within IRA
  • $100 minimum deposit to open savings account within IRA
*Consult your tax adviser.
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Traditional vs. Roth IRA

Traditional and Roth IRAs each offer unique tax advantages to help you save for retirement. What's the difference?

Traditional IRA contributions may be tax deductible. And taxes on dividends are deferred until retirement. Roth IRA contributions are not tax deductible, but earnings accumulate tax-free and remain tax-free upon distribution. Compare below and consult your tax advisor to determine which is right for you. 

Traditional vs. Roth IRA

Traditional

  • No income limits to open
  • No minimum contribution in any year allowing flexibility
  • Contributions may be tax deductible and taxes on dividends are deferred until retirement.*
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals required based on age.

Roth IRA

  • 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  • Principal contributions can be withdrawn without penalty*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 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income
*Subject to some conditions. Consult a tax advisor.
**Certain exceptions apply, such as health care, purchasing first home, etc.