Individual Retirement Accounts

It is never too late to start saving for retirement or education.

When is it a good time to start saving for retirement?  The answer is NOW, no matter your age.  It is important to consider planning to set aside money for those retirement years.  The Bank offers assistance in opening for you Traditional and Roth IRAs.  For information on setting up an IRA, please contact one of our personal bankers.

Higher education expenses continue to increase at a rate much higher than inflation.  The Bank offers an Education IRA to help you start saving for those expenses TODAY.  Please contact one of our personal bankers for more information.

Rollover

You can roll over any eligible distributions from an employer-sponsored retirement plan to an IRA.

Traditional IRA

This is a retirement product that earns a competitive rate of interest to help you save for a comfortable retirement.

Benefits

  • Your contribution(s) may be tax-deductible
  • Earnings grow tax-deferred
  • No minimum balance to open the account
  • Variable rate of interest subject to change quarterly

Requirements

  • You must be at least 18 years old and have earned income to open an account
  • Distributions are generally taxable in the year received and may be subject to 10% early withdrawal penalty if you are under 59 and a half.
  • Withdrawals are mandatory by age 70 and a half
  • Penalty for early withdrawal

Roth IRA

This is a retirement product that earns a competitive rate of interest and has different tax consequences than a Traditional IRA.

Benefits

  • Contributions are not tax deductible
  • Earnings grow tax free
  • Principal contributions can be withdrawn any time without a penalty (subject to exceptions)
  • No mandatory distribution age
  • No minimum balance to open the account
  • Variable rate of interest subject to change quarterly

Requirements

  • Contributions may be limited by the Adjusted Gross Income (AGI) phase-out range
  • You must be at least 18 years old and have earned income to open an account
  • Penalty for early withdrawal

Education IRA

You may be eligible to save money with this product for a child under the age of 18 to fund eligible college expenses. A competitive rate of interest could help you meet escalating college expenses.

Benefits

  • Earnings grow tax deferred
  • Withdrawals for qualified educational expenses may not be subject to tax
  • No minimum balance to open the account
  • Variable rate of interest subject to change quarterly

Requirements

Penalty for early withdrawal