Individual Retirement Accounts (IRAs)

We want to be your bank — now and down the road. That's why we offer so many ways to save! In order to prepare for the future, you need a long-term savings solution. Luckily, we have a few you can choose from with competitive interest rates.

We offer traditional and Roth IRAs to help your retirement dreams come to life. Each comes with unique tax advantages.

  • Traditional and Roth IRA options
  • $1,000 minimum deposit to open
  • No setup or maintenance fees
  • A wide range of terms available from 1 year to 5 years
  • Receive higher rates by selecting a longer term; view rates
  • Early withdrawals subject to penalty*
  • Federally insured by FDIC up to $250,000
  • Consult your tax advisor for eligibility and tax advantages

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

  • $1,000 minimum deposit to open an IRA
  • No minimum contribution after the account is established
  • No income limits
  • Contributions may be tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal
  • Early withdrawals may be subject to IRS penalty2
  • Federally insured by FDIC up to $250,000
  • Consult your tax advisor for eligibility and tax advantages

Roth IRA

  • $1,000 minimum deposit to open a Roth IRA
  • No minimum contribution after the account is established
  • Earnings are non-taxable at withdrawal1
  • Early withdrawals of interest may be subject to IRS penalty2
  • No age limit for contributions
  • Federally insured by FDIC up to $250,000
  • Consult your tax advisor for eligibility and tax advantages

1Subject to some minimal conditions. Consult a tax advisor.

2Certain exceptions apply, such as healthcare, purchasing first home, etc.

*Early withdrawals may result in penalties as follows:

  • 6 months interest forfeited for terms less than 12 months
  • 12 months interest forfeited for terms 12 months and greater