Individual Retirement Accounts (IRAs)
We know you've seen them — those people in Hawaiian shirts and flip flops catching a flight to some exotic destination on a Tuesday. By saving for your retirement early, that could be you.
Make your years of hard work pay off in a big way with a Traditional or Roth IRA. Reach out to us to open up your account — and start picking out your Hawaiian shirts now.
- Competitive interest above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- $6,000 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase share certificates within IRA
- $1 minimum deposit to open
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
- Earnings are tax-deferred until withdrawal
- Contributions are tax-deductible on current tax returns
- No initial setup or maintenance fees
- Maximum contribution of $6,000 per year or $7,000 if you are over 50 years of age*(Under Traditional IRA)
- Penalties for early withdrawal, except under certain situations**
- Must begin distributions at 70½ years of age if born on or before June 30, 1949
- Must begin distribution at 72 years of age if born after June 30, 1949
- IRA certificates and savings account available
Roth IRA
- Earnings grow tax-free
- Withdrawals are tax-free
- You may withdraw contributions at any time
- Contributions are not tax-deductible
- Maximum contribution of $6,000 per year or $7,000 if you are over 50 years of age*
- Penalties for early withdrawal of earnings, except under certain situations**
- Contributions after age 70½ are allowed
- No mandatory distributions at age 70½
- IRA certificates and savings account available
*Maximum contribution may vary based on income and filing status.
**There is no early withdrawal penalty in the case of: over 59½ years of age, first time home purchase, qualified college expenses, qualified medical expenses, death or disability.
Give the gift that keeps on giving — an education! Set up a Coverdell ESA to start saving for your child's college tuition early.
- Earnings grow tax-free
- Withdrawals are tax-free
- Contributions are not tax-deductible
- Maximum contribution of $2,000 per year per beneficiary
- Contributions do not count against limits of other IRAs
- Distributions are penalty-free at any time if used for qualified education expenses*
- Distributions must be complete after beneficiary turns 30 years old or dies
- IRA certificates and savings account available
*Penalty will apply if used for something other than qualified education expenses.
