Individual Retirement Accounts (IRAs)

Spend the entire day at the beach, or maybe freshwater fishing, without a busy workweek looming just around the corner. The sooner you start saving for retirement, the sooner you can retire — plain and simple.


Start your IRA today and enjoy tax-advantaged savings*. So you can savor the present worry-free, while saving more for your future in less time.

Summary
  • Explore the Investing For Retirement section of the Financial Answer Center
  • Tax-advantaged retirement savings
  • Competitive interest above standard savings rates
  • Traditional and Roth IRA options
  • 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

Check out our current rates.

Traditional vs. Roth

Which kind of IRA works best for you? Traditional and Roth IRAs both offer distinct tax-advantages to help you save. But they work in different ways. Consult a tax advisor to determine the IRA that best suits your retirement plans.


Traditional IRA

  • No income limits to open
  • No minimum contribution in any year allowing flexibility
  • 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

  • No minimum amount to set up
  • 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  • Principal contributions can be withdrawn without penalty*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 70½ 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.

***IRS changes figures annually. Consult a tax advisor.

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Individual Retirement Accounts (IRAs)