Make up for lost time with an IRA that makes it easier to catch up. Choose from a Traditional or Roth option to get started.
- Competitive Interest
- Tax Advantages1
- No Setup Fees
- Competitive interest above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- Annual contribution limits apply (see current contribution limits; $6,000 as of 2019)3
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase CDs within IRA
- $100 minimum deposit to open IRA Savings
- $1,000 minimum deposit to open IRA CD
When do you want to enjoy your tax advantage? A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at the time of retirement.
- Earned income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax1
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½ (without penalty)
- Early withdrawals subject to penalty2
- Mandatory withdrawals at age 70½
- Income limits to be eligible to open Roth IRA3
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal1
- Principal contributions can be withdrawn without penalty1
- Withdrawals on interest can begin at age 59½ (without penalty)
- Early withdrawals on interest subject to penalty2
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.