Whether retirement is right around the corner or still a ways away, it's never too late or too early to start saving. Enjoy tax-advantaged* savings with an IRA account, at a higher rate than standard savings rates.
There aren't any setup fees or monthly service fees to worry about — so get on the path to a more secure future, starting today.
- Prepare for retirement with tax-advantaged* savings
- Earn competitive interest at a higher rate than standard savings rates
- No setup or annual fees
- No monthly service fees
- Contribute up to $5,500 per year**
- Additional $1,000 "catch-up" contribution allowed for ages 50 and older**
- Interest compounded semi-annually
- Semi-annual statements
- Contributions made easily via payroll, checking, or savings
- FDIC insured up to $250,000
- Early withdrawal penalties may apply
- No minimum deposit to open
*Consult a tax advisor.
**As of tax year 2015.
- Traditional vs. Roth
There are advantages to both traditional and Roth IRAs. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax* Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59 ½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70 ½
- Income limits to be eligible to open Roth IRA*** Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal*
- Principal contributions can be withdrawn without penalty* Withdrawals on interest can begin at age 59 ½
- Early withdrawals on interest subject to penalty**
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
***Consult a tax advisor.