Individual Retirement Account (IRA)
Let's face it—living a comfortable life is expensive, and it's only going to get pricier. So it's a good idea to start saving now for the future. Whether you're saving for your own retirement or your child's education, an IRA is the way to go. Review the traditional, Roth, and education options to see which fits your situation best. No matter which you choose, you'll receive tax advantages on your funds, meaning more money for you to enjoy in the long run. Isn't that what it's all about?
- Traditional
- Earnings are tax-deferred until withdrawal*
- No annual fee
- Funds become available at age 59½
- Withdrawals must begin by age 70½
- Contributions may not exceed $5,000 per year
- Direct deposit available
- $1,000 deposit to open
- FDIC insured
See our current rates.
*Consult a tax advisor
- Roth
- Contributions are not tax-deductible*
- Earnings and withdrawals are tax free
- No annual fee
- No mandatory distribution age
- Funds become available at age 59½
- Annual contributions may not exceed $5,000 per year ($6,000 for age 50 and up)
- Direct deposit available
- $1,000 deposit to open
- FDIC insured
See our current rates.
*Consult a tax advisor
- Education
(Also known as the Coverdell Education Savings Account)
- Contributions are not tax-deductible
- Tax-free earnings and withdrawals*
- Annual contributions capped at $2,000 per beneficiary
- No annual fee
- Funds must be completely distributed after beneficiary turns 30
- $1,000 deposit to open
- FDIC insured
See our current rates.
*As long as funds are used for qualified education expenses, such as tuition, books, board, etc.
