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Individual Retirement Account (IRAs)

Individual Retirement Accounts (IRAs)

An IRA may be the perfect tool to ensure your retirement is all that you have worked for. We offer Traditional and Roth IRAs, which provide steady interest and are a safe investment for the future. To learn more about IRAs, visit our Trust section.

CHOOSE BETWEEN TWO TYPES OF IRAS:

1. Traditional:

  • Save for retirement on a tax-deferred basis. Contributions may be tax deductible*, and earnings are not taxed until withdrawal.
  • People with earned income may contribute until age 70½; contribution limits apply.
  • Interest rate bonus of 0.05% APY with Elite and First Direct Checking Accounts with the Variable and Term CD IRA**.

2. Roth:

  • Contributions are not tax-deductible; however, earnings are tax free* unless a withdrawal is not a qualified distribution.
  • Ideal if you anticipate being in a higher tax bracket upon retirement.
  • People with earned income may contribute, regardless of age; contribution limits apply.
  • Interest rate bonus of 0.05% APY with Elite and First Direct Checking Accounts with the Variable and Term CD IRA**.

THEN CHOOSE THE IRA ACCOUNT OPTION THAT BEST SUITES YOUR NEEDS:

Savings IRA

Benefits:

  • Flexible savings solution to help plan for retirement
  • No monthly maintenance fee
  • A great way to combine your retirement funds into one account and then determine your retirement strategy
  • Tiered interest rates
  • No term
  • $100 minimum opening deposit
  • No need to renew
  • Additional deposits can be made at any time; Contribution limits apply

Variable CD IRA:

Benefits:

  • Make deposits at any time without extending the term
  • Start a retirement plan by making regular contributions
  • Rate can change with the interest rate environment
  • Interest rate based on market conditions
  • 18 month term
  • $1,000 minimum opening deposit
  • Renews automatically to the same term or your can change the term at maturity
  • Additional deposits can be made at any time; Contribution limits apply

Term CD IRA:

Benefits:

  • Tiered rates mean the higher your balance, the more you may earn
  • Select the cd term that meets your retirement plan
  • Fixed rate for the term of your cd
  • Various interest rates based on term and balance
  • 3 month - 10 year terms
  • $100 minimum opening deposit
  • Renews automatically to the same term or you can change the term at maturity
  • No additional deposits can be made until maturity


Other service fees may apply. Please see our Banking Fees.

* Not to be construed as tax advice. Please consult your attorney or tax adviser.

Ready to find out your options?

Get started with your application online or call 1.800.205.3464.