Your future is right around the corner. Let us help you make the most of it with an interest-bearing IRA.
- Competitive interest
- No set up or maintenance fees
- Tax advantages
- Competitive interest above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- $5,500 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase CDs within IRA
- $1,000 minimum deposit to open
Traditional and Roth IRAs both offer tax-advantages to your saving. Traditional IRAs are taxed at the time of withdrawal, so you don't pay income tax upfront on what you contribute.
A Roth IRA is tax-exempt, meaning you can withdraw savings tax-free at the appropriate age. But you still pay your taxes on your full income, regardless of contribution level. Consult a tax advisor to see which IRA is right for you.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax1
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59 ½
- Early withdrawals subject to penalty2
- Mandatory withdrawals at age 70 ½
- Income limits to be eligible to open Roth IRA3
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal1
- Principal contributions can be withdrawn without penalty1
- Withdrawals on interest can begin at age 59 ½
- Early withdrawals on interest subject to penalty2
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.