Individual Retirement Accounts

Spend your retirement years on the green, not worrying about the green in your wallet.

Enjoying a fulfilling retirement is all about saving early. Choose the right retirement plan that best suits your retirement goals—while also benefiting from unique tax advantages each plan provides. Get started saving today and retire in style.

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Individual Retirement Account Experience:

IRAs offer you tax-advantaged1 retirement savings and competitive interest above standard savings rates. Select from Traditional and Roth IRA options with no setup fees or monthly service fees. $500 minimum balance to open and you may contribute up to $5,000 per year. Additional $1,000 "catch-up" contribution allowed for ages 50 and over. Funds can be used to purchase Certificates of Deposit within your IRA.

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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 in any year allowing flexibility
  • Contributions may be tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawn
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty2,3
  • Mandatory withdrawals at age 70½

Roth IRA

  • Income limits to be eligible to open Roth IRA1
  • Contributions are NOT tax deductible
  • Earnings may be 100% tax free at withdrawal1,2
  • Principal contributions can be withdrawn without penalty1,2
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty2,3
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

Additional terms and conditions or fees may apply to the products described. Please contact us or visit one of our branches for full account details. 1Consult a tax advisor. 2Penalties may be imposed for early withdrawals which may reduce earnings. 3Certain exceptions apply, such as healthcare, purchasing first home, etc. Consult a tax advisor for specific details.