Rates

Your future is right around the corner. Let us help you make the most of it with an interest-bearing IRA.

Key Features

  • 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. 

Traditional IRA

  • 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 

Roth IRA

  • 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  • Principal contributions can be withdrawn without penalty1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.