Personal
IRAs
A Solid Foundation for the Future
It’s never too early to start planning for retirement. Meet with one of our bankers to review our individual retirement account (IRA) options and choose the one that’s best for you!
Traditional IRA
With a traditional IRA, you make contributions now and don’t pay taxes until you make withdrawals later, during your retirement.
Traditional IRA Features
- Eligibility: those who have earned income or the spouse of someone who has earned income
- Terms: 3-60 months
- Minimum deposit: $500
- 10-day grace period for renewals
- Penalty for early withdrawal
- No penalty after age 59 ½ or required distributions
- “Catch up” contributions for individuals age 50 and older
- Contribution limits changing yearly
- Contribution deductions dependent on tax status
Roth IRA
With a Roth IRA, you make contributions and pay taxes up front rather than later, when you make withdrawals during your retirement.
Roth IRA Features
- A non-deductible account that features tax free withdrawals for certain distribution reasons after a 5-year period
- No required minimum distribution at age 72
- Terms: 3-60 months
- Minimum deposit: $500
- 10-day grace period for renewals
- Penalty for early withdrawal
- No age limit for contributors
- Distributions of earnings are tax free when qualified
Education IRA
In addition to saving for retirement, some IRAs can be used for college and other educational expenses.
Education IRA Features
- Created to save for individual’s education expenses
- Contributions may continue until the child reaches age 18
- Contributions are non-deductible
- Distributions for qualified education expenses are tax-free
- Qualified distributions are not subject to a 10% penalty tax
IRAs
| Minimum Balance | Interest Rate | APY* | |
|---|---|---|---|
| 91 Day IRA | $500.00 | 0.60% | 0.60% |
| 182 Day IRA | $500.00 | 0.85% | 0.85% |
| 9 Month IRA Special | $500.00 | 5.00% | 5.00% |
| 1 Year IRA | $500.00 | 2.00% | 2.00% |
| 18 Month IRA Special | $500.00 | 4.50% | 4.50% |
| 2 Year IRA | $500.00 | 2.25% | 2.25% |
| 30 Month IRA | $500.00 | 2.40% | 2.40% |
| 3 Year IRA | $500.00 | 2.50% | 2.50% |
| 4 Year IRA | $500.00 | 2.75% | 2.75% |
| 5 Year IRA | $500.00 | 3.00% | 3.00% |