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Individual Retirement Accounts

Personal Savings & CDs

Individual Retirement Accounts (IRAs)

Plan for the future with an IRA and relax knowing your money is helping you build a better tomorrow.



Benefits of Individual Retirement Accounts (IRAs):

  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • Long and short term options
  • $500 minimum deposit to open


Traditional IRA
  • No income limits to open
  • No minimum contribution requirement
  • 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 59 ½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 ½


Roth IRA
  • 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  • Principal contributions can be withdrawn without penalty*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 59 ½
  • Early withdrawals subject to penalty**
  • No mandatory distribution age
  • No 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.

***Consult a tax advisor.

Account openings are subject to Bank approval.  Nonsufficient fund fees of $37.00 per debit item may apply if you withdraw more funds than are available in your account.  We may change the interest rate on your account at any time and without prior notice after the account is opened.

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