Individual Retirement Account
The early bird catches the worm. Watch your retirement dreams take flight with a solid savings plan. IRAs offer tax-advantaged* ways to save for your golden years.
We offer different types of accounts for different financial situations. Ask for more details today!
Current Rates
PLEASE NOTE: APY assumes interest remains on deposit. A withdrawal or fees could reduce earnings. A penalty will be imposed for early withdrawal. Rate changes are made at the Bank’s discretion. Rates are subject to change without notice.
IRA
| Term | Minimum Deposit to Open & Obtain APY* | Interest Rate | APY* | Interest Frequency | Early Withdrawal Penalty |
|---|---|---|---|---|---|
| 12 Month | $500.00 | 1.73% | 1.74% | 6 Months | 91 Days |
| 24 Month | $500.00 | 1.62% | 1.63% | 6 Months | 182 Days |
| 36 Month | $500.00 | 1.60% | 1.61% | 6 Months | 365 Days |
| 60 Month | $500.00 | 1.56% | 1.57% | 6 Months | 365 Days |
| Variable** | $100.00 | 1.45% | 1.46% | 3 Months | 30 Days |
IRA Benefits
- Tax-advantaged* way to save for retirement
- Earn higher rates than regular savings to grow your nest egg quickly
- Several plans available to serve different financial needs
Traditional IRA
This type of IRA is a great option if you don’t have a tax-advantaged retirement plan through your employer. Lower your overall taxable income for the year by contributing to a traditional IRA.
- Interest earnings are tax-deferred until withdrawal
- Current income grows tax-free until withdrawal
- Increases untaxed savings since withdrawals will be subject to a lower tax bracket
- Many account holders are eligible to deduct their contributions on current returns
Roth IRA
Already have a 401(k) plan or similar retirement plan from your employer? A Roth IRA is a great complement to your other retirement savings accounts. Contribute post-tax income now and enjoy tax-free withdrawals in retirement.
- All earnings are tax-free upon withdrawal
- Your income is taxed now, when you are working, instead of when you are retired
- Some early withdrawals are penalty-free for specific situations
FAQs About Individual Retirement Accounts
How much can I contribute to an IRA?
As of 2023, the annual limit for traditional and Roth IRAs is $6,500. People aged 50 and older can contribute up to $7,500 a year.
When can I take distributions from my IRA?
You can start withdrawing from your IRA at age 59 ½ without penalties. It doesn’t matter if you’re still working or not.
Can I borrow against my IRA?
The short answer is no. Loans can only be made from qualified 401, 403, and governmental plans.
Open a new IRA account today!
Want to learn more about IRAs or ready to open a new account? Contact us or visit your nearest location to open an IRA account today!
*Consult your tax adviser.
