Details
- Save for retirement with tax advantages1
- Competitive interest
- Traditional and Roth IRA options
- No setup fees, monthly or annual maintenance fees
- Annual contribution limits apply (see current contribution limits; $7,000 as of 2024)1
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- $500 minimum deposit to open
1Consult a tax advisor.
Traditional vs. Roth
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
- 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 (70½ if you reach 70½ before January 1, 2020)
Roth IRA
- Income eligibility limits apply 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- Principal contributions can be withdrawn without penalty1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.
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