IRA (Individual Retirement Account)
Looking for a long term savings option?
When you're looking to save for the long run, an IRA is a great savings alternative. Compare our options for Traditional, ROTH, and educational IRAs to find the right fit for your needs.
Contact a personal banker for terms and conditions.
Traditional IRA
Contributions are made from earned income and may be tax deductible. Interest earned is tax-deferred until distributions are taken.
- Available to anyone under age 70 1/2
- No annual fee or set-up charge
- Contributions may be tax deductible**
- $7,000 contribution limit per year
- Additional $1,000 "catch-up" contributions allowed for ages 50+
- Earnings accumulated tax-deferred**
- Withdrawals available at age 59 1/2
- Mandatory withdrawals at age 73
- Early withdrawals subject to penalty*
ROTH IRA
Contributions are made from earned income.
Distributions of principal and interest may be tax-free.
Distributions of principal and interest may be tax-free.
- No annual fee or set-up charges
- $7,000 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Contributions are not tax-deductible**
- Earnings and principal may be tax free upon withdrawal
- Principal may be withdrawn penalty-free at any time*
- Early withdrawals subject to penalty*
- Earnings can be withdrawn penalty-free at age 59 1/2
- No mandatory distribution age
Education IRA
A Coverdell Education Savings Account allows savings to be used for certain education expenses on a tax-preferred basis. Savings may be used for kindergarten - grade 12 expenses incurred in a public, private or religious school, as well as for college, technical school, or post-graduate work.
- No annual fee or set-up charge
- $2,000 contribution limit per year
- Earnings accumulated tax-deferred**
- Early withdrawals may be subject to penalty*
*Penalty for early withdrawal may apply. Some age and deposit restrictions apply.
**Consult with a tax advisor.
**Consult with a tax advisor.
