Individual Retirement Accounts (IRA)

• Competitive dividends above standard savings rates*
• Savings plan options, including:
  • Traditional IRA
  • Roth IRA
  • Roth conversion
  • Rollover or Transfer IRA
• No setup fees
• No monthly or annual maintenance fees
• $6,000 contribution limit per year
• Additional $1,000 "catch-up" contribution allowed for ages 50+
• $1,000 minimum deposit to open

*Rates and APY are subjuect to change without notice.

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

• No 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
• Early withdrawals subject to penalty²
• Mandatory withdrawals at age 72

Roth IRA

• 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• Principal contributions can be withdrawn without penalty¹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 dividends can begin at age 59½
• Early withdrawals on dividends 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.