Individual Retirement Accounts (IRAs)
Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)

    Summary

    Take advantage of tax-friendly* savings to simplify your road to retirement. Unless, of course, you'd rather work well into your golden years. An IRA can keep your saving on track, earning competitive interest to help you save more in less time.

    We offer both traditional and Roth IRA options — plus, Coverdell Education Savings accounts to fast track a head-start for your young ones. Don't just daydream a better future, put a real plan in place.

    • Tax-advantaged* retirement savings
    • Competitive interest rates above standard savings rates
    • Traditional and Roth IRA options
    • Coverdell Educational Savings Accounts (ESAs) also available
    • No setup fees
    • No monthly or annual maintenance charges
    • $5,500 contribution limit per year (as of 2013)
    • Additional $1,000 "catch-up" contribution allowed for ages 50+
    • Low $1,000 minimum deposit to open

    Check out our current rates.


    *Consult a tax advisor.

    Traditional vs. Roth

    What's the difference between traditional and Roth IRAs? Each offers unique tax-advantages* to help you save for retirement in a different way. Compare traditional vs. Roth IRAs below. Then consult a tax advisor to decide what type of IRA is right for your retirement.

    Traditional IRA:

    • No income limits to open
    • No minimum contribution in any year
    • 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 59½
    • Early withdrawals subject to penalty**
    • Mandatory withdrawals at age 70½

    Roth IRA:

    • 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    • Principal contributions can be withdrawn without penalty*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 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 minimal conditions. Consult a tax advisor.

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

    Coverdell Education Savings

    Give your aspiring scholar a brighter future, including a way to cover rising educational costs, like tuitions, books, board, and more. A Coverdell Educational Savings Account (ESA) is great way to start a student out on the right foot, rather than saddled by student debt.

    • No setup or annual fee
    • Interest grows tax-free
    • Withdrawals are tax-free when used for qualified education expenses*
    • Designated beneficiary must be under 18 when contributions are made
    • To contribute to an ESA, certain income limits apply**
    • Contributions are not tax deductible
    • $2,000 maximum annual contribution per child
    • $100 minimum deposit to open

    *Qualified expenses include tuition and fees, books, supplies, board, etc.

    **Consult a tax advisor.

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