Individual Retirement Accounts
Saving for retirement is easier than you think
Individual Retirement Accounts, or IRAs, are one of the most effective ways to build a retirement nest egg, diversify your investment portfolio and are great for receiving required minimum distributions. Available in a savings account or two varieties of IRA's – Traditional and Roth – you are able to grow your savings tax-free or tax-deferred until you’re ready to retire. Start your retirement planning today with an IRA.
Great for customers beginning to save for retirement or receiving required minimum distributions as well as customers needing more access to their funds.
- Waive monthly service fee with $100 balance, otherwise $5 per month
- Earn interest on all balances
- Minimize or defer taxes on your savings
Tip: IRAs Savings are allowed up to 3 withdrawals per month, but you may incur significant tax penalties. If you think you may need to dip into your savings, talk to one of our associates to choose which savings account is best for you.
Many investors choose to put their IRA funds into an IRA Certificate of Deposit. An IRA CD offers the best of both worlds – the tax benefits of an IRA and the dependable security of a CD. Just like Personal CDs, IRA CDs provide a conservative approach to retirement savings, generating consistent income with liquid assets. As CDs mature within your IRA account, you can continually reinvest or safely withdraw funds to cover expenses.
- Minimum Deposit: $1,000
- Grow your savings at dependable, guaranteed rates
- Defer tax payments until you’re ready to withdraw
CD automatically renews at maturity.
Traditional vs. Roth
Once you’ve determined the ideal account type, you can also choose whether a Traditional or Roth IRA is right for you.
The perfect solution for investors who want to safeguard their savings now and minimize their current tax burden. Contributions are often tax deductible and grow tax-deferred until withdrawal. If you plan on withdrawing from your IRA after you retire, a Traditional IRA can significantly reduce taxes on your investment.
Leverages after-tax income, meaning your savings can typically grow tax-free and be withdrawn tax-free if you meet certain conditions. Roth IRAs are an ideal complement to other investment accounts, since you can rely on every penny you save coming back to you – with interest.