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Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs) let you maximize your funds while providing one of the best tax-saving tools available. A variety of IRA options are available, each offering different benefits to meet your unique needs.

Find the IRA account that meets your needs.

Traditional IRA 1

  • Tax-deferred earning until withdrawn
  • Eligible if under age 70-1/2 and have received taxable compensation during the year
  • Deductibility based on participation in other retirement plans, adjusted gross income and income tax filing status
  • May include rollover contributions from other qualified retirement plans and IRAs

Choose the money market option or fixed rate option as your investment vehicle.

Roth IRA 1

  • Qualified earnings are tax-free. However, contributions are not tax-deductible
  • Eligible if modified adjusted gross income is within required limits
  • No mandatory distributions at age 70-1/2

Available with the fixed rate option as your investment vehicle.

Coverdell Educational Savings Account 1

  • Earnings are tax-free. However, contributions are not tax-deductible
  • Funds may be contributed by anyone within income limitations
  • Contribute until the year the child turns 18 (account created for purpose of paying qualified educational expenses of a designated beneficiary under the age of 18)

Available with the fixed rate option as your investment vehicle.

Investment Vehicles

Money-Market IRA

  • Open with a minimum deposit of $1,000
  • Make additional deposits of $100 or more at any time
  • No early withdrawal penalty
  • Variable interest rate

Available with a Traditional IRA

Fixed-Rate IRA
(additional deposits)

  • Open with a minimum deposit of $200 ($25 option is available)
  • Make additional deposits of $25 or more at any time
  • Maturities of 12 to 18 months available

Available with a Traditional IRA, Roth IRA or Coverdell Education Savings Account

Fixed-Rate IRA
(single deposit)

  • Open with a minimum deposit of $500
  • Maturities of 90 days to 60 months available

Available with a Traditional IRA, Roth IRA or Coverdell Education Savings Account. (Not available for Traditional IRA being converted to Roth IRA.)

Get started today.

To open an IRA, stop by one of our banking centers. If you have questions about IRAs, contact Customer Service.

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