Individual Retirement Accounts

The best time to think about planning your retirement is while you're still earning income. These days, most of us are responsible for our own retirement. Opening an IRA is an easy and tax-advantaged* way to build up a future nest egg.

We offer several IRA plans to choose from, depending on your financial needs and goals. With no setup charges or maintenance fees, just a solid return on your savings so you can spend your golden years enjoying the fruits of your labor.

See our current rates.

Summary
  • Tax-advantaged* way to save for retirement
  • Choose from several plans to fit your financial situation
  • Roth,
  • Traditional
  • Coverdell
  • Earn competitive dividends
  • No monthly service charges
  • No set up fees or annual maintenance fees
  • Available as share accounts or certificates
  • Personal service at every step to help you get the right plan

*Consult your tax advisor.

Traditional vs Roth

Traditional

  • Must have earned income and be under 70½
  • Earnings are tax deferred until withdrawal
  • Contributions are tax deductible*
  • Principal is tax-deferred
  • Maximum annual contribution of $5,250 (as of 2013)
  • Additional $1,000 "catch up" contribution for ages 50 and up
  • Distributions can start at age 59½
  • Mandatory distributions at age 70½
  • No penalty for withdrawal if:
  • Over 59½
  • Death or disability
  • Qualified medical expenses
  • Certain health insurance
  • Qualified college expenses
  • 1st time home purchase
  • Due to IRS levy

Roth

  • Must have earned income
  • No age restrictions
  • Contributions are NOT tax deductible
  • Maximum annual contribution of $5,250 (as of 2013)
  • Additional $1,000 "catch up" contribution for ages 50 and up
  • Earnings grow tax free
  • Contributions after age 70½ allowed
  • Access to principal at any time
  • Distributions on interest can start at age 59½
  • No penalty for interest withdrawal if:
  • Death or disability
  • Qualified medical expenses
  • Certain health insurance
  • Qualified college expenses
  • 1st time home purchase
  • Due to IRS levy

*Consult your tax advisor.

Educational Coverdell

The Educational Coverdell account is a great way to set aside funds now for future education expenses and earn tax-free interest until the beneficiary needs it.

  • The designated beneficiary must be under the age of 18
  • Beneficiary does not have to be related to you
  • Maximum annual contribution of $2,000 (as of 2013)
  • Contributions are NOT tax deductible
  • Earnings grow tax-free*
  • No penalty-free early withdrawal for qualified education expenses
  • Must be completed when beneficiary reaches age 30

*Consult your tax advisor.