An individual retirement account (IRA) is an account set up for the exclusive benefit of you or your beneficiaries. Every individual who has earned income or received alimony may contribute to an IRA. We offer certificates of deposit for traditional and Roth IRAs with highly competitive rates to assist you in planning for a secure financial future.

Summary
  • Competitive interest above standard savings rates
  • Traditional and Roth IRA options available
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,000 contribution limit per year
  • Additional $1,000 “catch-up” contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • $100 minimum deposit to open
Traditional vs. Roth

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 tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket) 

  • Withdrawals can begin at age 59 1/2
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 1/2

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  • Principal contributions can be withdrawn without penalty*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 earnings can begin at age 59 1/2
  • Early withdrawals on earnings subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

Enjoy simple, convenient savings!

*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
***Consult a tax advisor.