Individual Retirement Accounts

Traditional Individual Retirement Account

  • Minimum balance to open this account is $25
  • Maturities of 12 or 18 months with fixed rate or 18 month variable rate.
  • Traditional IRAs may be fully or partially deductible. All earnings on your IRA contribution remain tax deferred until you make withdrawals from the account.
  • Spousal IRAs allow contributions to be made on behalf of non wage earning spouses or those with minimal income.

Roth Individual Retirement Account

  • Minimum balance to open this account is $25
  • The Roth IRA is a nondeductible account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. You never have to take a distribution from your Roth IRA and there are no age 70 1/2 requirements.

Educational Individual Retirement Account

  • Minimum balance to open this account is $25
  • The Education IRA is a nondeductible account that features tax free withdrawals for the specific purpose of a child's education

Features Common to IRA Accounts

  • Competitive rates of interest
  • Penalty for early withdrawal will apply
  • Withdrawals prior to age 59 1/2 are subject to additional penalties
  • Income limitations may apply
  • Contribution limits may apply
  • Other eligibility conditions may apply