Individual Retirement Accounts (IRAs)

• Tax-advantaged¹ retirement savings
• Competitive dividends above standard savings rates
• Traditional and Roth IRA options
• 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+
• Funds can be used to open share certificates within IRA
• $500 minimum deposit to open 

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 tax¹
• Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
• Withdrawals can begin at age 59 ½
• Early withdrawals subject to penalty²
• Mandatory withdrawals at age 70 ½

Roth IRA

• Income limits to be eligible to open Roth IRA³
• Contributions are NOT tax deductible
• Earnings are 100% tax free at withdrawal¹
• Principal contributions can be withdrawn without penalty¹
• Withdrawals on interest can begin at age 59 ½
• Early withdrawals on interest subject to penalty²
• No mandatory distribution ages
• No age limit on making contributions as long as you have earned income

¹Subject to some minimal conditions. Consult a tax advisor.

²Certain exceptions apply, such as healthcare, purchasing first home, etc.

³Consult a tax advisor.

Have a lump sum to invest in your retirement plan? An IRA Certificate may be right for you. Terms offered are 36 months, 48 months, and 60 months on both Traditional and Roth IRA accounts. Upon maturity, funds from your IRA Certificate are automatically transferred to your IRA account.