Individual Retirement Accounts (IRAs)

Overview

Begin saving for retirement while you're still earning income. IRAs offer tax-advantaged ways to set aside funds and are considered a great way to plan for your financial future. Choose to open a Roth or Traditional IRA, depending on your situation.

Features:

  • Tax-advantaged* way of saving for retirement
  • Earn competitive dividends higher than primary Savings
  • Choose between Traditional and Roth IRAs
  • Contribute as often as you like
  • $5,500 annual contribution limit (as of 2013)
  • Additional $1,000 catch-up contribution allowed for ages 50+
  • No setup or maintenance fees
  • $1,000 minimum opening deposit required

View our current rates.

*Consult a tax advisor

Traditional vs Roth

Traditional

  • Anyone under age 70½ may open
  • Contributions are tax deductible on state and federal income tax*
  • Withdrawals may begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals begin at age 79½

*Consult a tax advisor.

** Certain exceptions apply, such as healthcare, purchasing first home, etc.

Roth

  • Must earn less than income limits (as of 2013)
  • Annual income limit for singles is $127,000
  • Annual income limit for couples is $188,000
  • Contributions are not tax-deductible
  • Earnings are tax-free at withdrawal
  • Principal contributions may be withdrawn without penalty
  • Withdrawals on interest may begin at age 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age

*Subject to minimal conditions

**Certain exceptions apply, such as healthcare, purchasing first home, etc.