Start saving for retirement early so that you can retire on your terms. Whether you dream of travel, lazy afternoons spent fishing, or memory-filled summers spent with the grandkids, tax-advantaged* savings can help you make those dreams a reality.
We offer both traditional and Roth IRAs. Have a look at the differences between each and pick the account that makes the most sense for your financial goals.
- Competitive interest above standard savings rates
- Traditional and Roth IRA options available
- No setup fees
- No monthly or annual maintenance fees
- $5,500 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Contributions may be tax deductible*
- Funds can be used to purchase CDs within IRA
- $500 minimum deposit to open
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.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59 ½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70 ½
- Income limits to be eligible to open Roth IRA***
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal*
- Principal contributions can be withdrawn without penalty*
- Withdrawals on interest can begin at age 59 ½
- 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 minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
***Consult a tax advisor.
*Consult a tax advisor.