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!
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.
|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|
- 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
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
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!
*Consult your tax adviser.