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Our IRA is a savings plan which allows you to prepare for your retirement. Choose between our Traditional or Roth IRA plans.
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How does it work?

It's never too early to save for the future. An IRA is a personal savings plan that provides income tax advantages to individuals saving money for retirement purposes. Our goal is to help make sure your savings last as long as you do. Bank on a conservative strategy with predictable earnings to help maximize savings and build your nest egg. Live your dreams...invest for your retirement.

Who is eligible to open an IRA?

Any individual can open and make contributions to a traditional IRA, as long as you, or your spouse (if you file a joint return), received taxable earned compensation during the year and you were not 70 ½ years old by the end of the year.

What about my 401(K)?

If you are contributing the maximum annual amount to your 401(k), IRAs may be your next best investment option for retirement and are available to anyone with earned income.

How are Traditional and Roth IRAs different?

Any earnings in a Roth IRA are federally tax free. Earnings in a Traditional IRA are tax-deferred until withdrawn in retirement when they are taxed at your current rate. Contributions to a Roth IRA can be withdrawn at any time. Withdrawals from a Traditional IRA before the age of 59 1/2 are subject to a 10% federal penalty. Anyone with earned income under the age of 70 1/2 can contribute to a Traditional IRA. Roth IRAs are restricted to those who do not exceed certain modified gross income limits. Traditional IRA contributions may be tax deductible. Roth contributions cannot be deducted.


Minimum balance of $100.00


1 year
1 ½ year
2 ½ year
3 year





To help you make the right decision use this chart and compare:

Traditional IRA

Roth IRA


Traditional IRA

By opening an individual retirement account, you are writing your own ticket to a secure financial future. A traditional IRA from Heritage Bank gives you immediate tax savings since contributions can be deducted from your current annual returns.

The interest earnings do not incur taxes until withdrawal. This provides a second advantage since the tax will be subject to a lower tax bracket once you're retired. While this means good things do come to those who wait...you can't wait to get started!

Roth IRA

You can write your own ticket to a secure financial future by opening an individual retirement account. For some people, a Roth IRA may be the better option over a traditional IRA. The biggest difference between the two is when you pay the taxes.

You cannot deduct contributions with a Roth IRA, but your interest earnings are completely tax free upon withdrawal. So while you can't lower your taxes today, you might reap bigger tax-free savings in the end. Another advantage is your principal contributions (but not the interest) may be withdrawn without penalty.

Who can contribute?

Traditional IRA

You can contribute if you (or your spouse if filing jointly) have taxable compensation but not after you are age 70½ or older.

Roth IRA

You can contribute at any age if you (or your spouse if filing jointly) have taxable compensation and your modified adjusted gross income is below certain amounts.

Are my contributions deductible?

Traditional IRA

You can deduct your contributions if you qualify.

Roth IRA

Your contributions aren’t deductible.

What is the deadline to make contributions?

Traditional IRA

Your tax return filing deadline (not including extensions).

Roth IRA

When can I withdraw money?

Traditional IRA

You can withdraw money anytime.

Roth IRA

Do I have to take required minimum distributions?

Traditional IRA

You must start taking distributions by April 1 following the year in which you turn age 70½ and by December 31 of later years.

Roth IRA

Not required if you are the original owner.

Are my withdrawals and distributions taxable?

Traditional IRA

Any deductible contributions and earnings you withdraw or that are distributed from your traditional IRA are taxable. Also, if you are under age 59 ½ you may have to pay an additional 10% tax for early withdrawals unless you qualify for an exception.

Roth IRA

None, if it’s a qualified distribution (or a withdrawal that is a qualified distribution). Otherwise, part of the distribution or withdrawal may be taxable. If you are under age 59 ½, you may also have to pay an additional 10% tax for early withdrawals unless you qualify for an exception.

*APY = annual percentage yield. All rates are subject to change daily. Substantial penalties for early withdrawals from certificates of deposit. Call the phone numbers below for further information. Please call to confirm these interest rates. These rates are for local depositors only. The phone number for the main office in Covington, Louisiana is (985) 892-4565 or 1-800-646-1658. Our branch in Slidell, Louisiana can be reached at (985) 641-3555. Our branch in Madisonville, Louisiana can be reached at (985) 202-0300. Our Copperstill Branch located on Hwy 1085 can be reached at (985) 273-3338.