Save for your tomorrow with ease
You can choose to contribute to either a Traditional or Roth IRA. There are advantages to both. Contact your tax advisor or financial planner for which IRA is best for you. You can securely grow your retirement savings with one of our IRA Share Accounts and IRA Share Certificates.
01
IRA Share Account
An IRA Share Account is a great starter account to begin saving for your retirement.
- No minimum balance
- No enrollment or maintenance fees
- Contributions can be added to the account anytime
- Dividends are paid monthly on daily balances of $100 or more
02
IRA Share Certificate
Let your money work harder for you with an IRA Share Certificate. It’s a safe investment for your funds and earns a higher yield than an IRA Share Account.
- $500 minimum deposit to open
- Terms range from 6 months to 5 years
- No enrollment or maintenance fees
- Bump-A-Rate feature available upon request
- Dividends are compounded based on daily balance and paid quarterly
- Early withdrawal penalties may apply
IRA (Individual Retirement Account) FAQs
What is an IRA?
An IRA is a tax-advantaged retirement savings account that allows individuals to save for retirement with potential tax benefits.
Who is eligible to open an IRA?
Individuals under the age of 70½ with earned income, or their non-working spouses, can typically open and contribute to a Traditional or Roth IRA, subject to income limits and other eligibility criteria.
What are the tax benefits of an IRA?
Traditional IRA contributions may be tax-deductible, and earnings grow tax-deferred until withdrawal. Roth IRA contributions are not tax-deductible, but qualified withdrawals in retirement are tax-free.
What are the different types of IRAs?
There are two main types of IRAs: Traditional IRAs, where contributions may be tax-deductible, and Roth IRAs, where contributions are made with after-tax dollars but withdrawals in retirement are typically tax-free.
What are the contribution limits for IRAs?
Contribution limits may change annually. For 2024, the contribution limit for both Traditional and Roth IRAs is $7,000 ($8,000 if age 50 or older). These limits are subject to income phase-out rules.
Can I transfer or rollover funds from another retirement account into an IRA?
Yes, you can transfer or rollover funds from a 401(k), another IRA, or certain other retirement accounts into an IRA, often without tax consequences if done correctly.
