Individual Retirement Accounts (IRAs)

The sooner you start saving for retirement, the better. An IRA offers significant tax advantages to help you save for the retirement you deserve.

Traditional IRA

With a traditional IRA, your contributions and earnings will grow tax-deferred until they are withdrawn. Certain contributions, depending on your income, are tax-deductible up to the full amount of the contribution.

You may begin taking distributions after age 59 ½. You may benefit with a traditional IRA by saving tax dollars now if you anticipate a lower tax bracket at retirement.

Roth IRA

With a Roth IRA, your money will grow tax-free and you will not pay taxes when you withdraw at retirement. The interest earned will also grow tax-free. You may benefit with a Roth IRA by paying taxes now rather than later if you anticipate a higher tax bracket at retirement. You may be eligible to contribute to a Roth IRA, as well as an employer-sponsored retirement plan. There are no age limitations on contributions.

Distributions may be taken without penalty after you have held your first Roth IRA for 5 years and turn age 59 1/2. You are not required to take from your Roth IRA at any age.

Educational IRA (Coverdell Education Savings Account)

You may contribute up to $2,000 a year for your child’s education. Contributions are not tax-deductible; however, your contributions and earnings can be withdrawn tax-free as long as they are used to pay eligible schooling costs. Parents, grandparents, godparents or friends may contribute to a child’s Educational IRA, but the total contribution amount may not exceed $2,000 annually.

Certificates of Deposit

With an IRA CD, you will earn a guaranteed fixed interest rate over a set term. Once it matures, you have the options to renew or transfer the balance to another retirement account. IRA CDs earn a higher interest rate. The rates are tiered to account balances. There are terms of 6 to 60 months available with a $100 minimum deposit required.

Our experienced customer service representatives will help you with IRAs, IRA transfers, Self-Directed IRAs and more. When it comes time to take your distributions, they will also help you calculate your required distribution amount. Contact us at 888-966-6282 (6282) to speak with a representative, or visit your local branch to discuss your options.

Visit our Rates page for a list of our IRA CD rates.

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