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Key Features

  • Competitive Dividends
  • Tax Advantages 1
  • Low Annual Service Charge
  • Competitive dividends above regular savings rates
  • Traditional and Roth IRA options
  • No setup charges
  • Annual Admin service charge of $20
  • $6,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase certificates of deposit within IRA
  • $5 minimum deposit to open

Traditional IRA

Money deposited can be used as a tax deduction or is funded from money that has never been taxed, such as pensions or a 401(k).

  • 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 (effective 1/1/2020) This change impacts the RMD requirement for individuals who turn age 70½ in years 2020 or later (IRA owners with a date of birth of July 1, 1949 or later). The SECURE Act, signed into law 12/20/2019.

Roth IRA

Money deposited cannot be used as a tax deduction. Money funded in the Roth IRA has already been taxed. Traditional IRA funds can be converted to a Roth; however, taxes are required to be paid.

  • 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  • Principal contributions can be withdrawn without penalty1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 interest can begin at age 59½
  • Early withdrawals on interest subject to penalty2
  • No mandatory distribution ages
  • No age limit on making contributions as long as you have earned income(must be at least 18 to open Roth IRA)

1Subject to some minimal conditions. Consult a tax advisor.

2Certain exceptions apply, such as healthcare, purchasing first home, etc.

3Consult a tax advisor.

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