Our IRA is a savings plan which allows you to prepare for your retirement. Choose between our Traditional or Roth IRA plans.
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 Earnings in a Traditional IRA are tax-deferred until withdrawn in retirement when they are taxed at your current rate. Contributions to a Roth IRA can be withdrawn at any time.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 591/2 are subject to a 10% federal penalty. Anyone with earned income under the age of 701/2 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.
Are my withdrawals and distributions taxable?
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.
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.
1 ½ year
2 ½ year
*APY = Annual Percentage Yield
ALL RATES ARE SUBJECT TO CHANGE DAILY.