Save for retirement with tax-advantages1
Competitive interest above standard savings rates
Traditional and Roth IRA options
No setup fees
No monthly or annual maintenance fees
Annual contribution limits apply (see current contribution limits; $6,000 as of 2020)1Additional $1,000 "catch-up" contribution allowed for ages 50+
Funds can be used to purchase CDs within IRA
$500 minimum deposit to open Fixed-rate CD
$25 minimum deposit to open Variable-rate IRA
1Consult a tax advisor.
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Principal contributions can be withdrawn without penalty1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 interest can begin at age 59½
Early withdrawals on interest 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.
