Individual Retirement Account (IRAs)
It's
never too early to begin securing your financial future. There are few better
ways to do that than with an IRA. We offer both Regular (Traditional) IRAs
and Roth IRAs. Both IRA plans are available as savings accounts or
CDs.
Traditional/Regular IRA is a tax-deferred retirement account. This account grows tax-deferred
until you begin to take distributions. Distribution may be taken penalty free
after you turn age 59-1/2 or qualify for other reasons. You are required to
begin taking minimum distributions every year after reaching age 70-1/2.
Roth IRA is a tax-advantaged retirement account. If you keep a Roth IRA for at least five years and are at least age 59-1/2 when you begin to withdraw from the account, the entire account may be distributed tax- and penalty-free. Your entire balance may also be distributed tax- and penalty-free if you have held the account for at least five years and are disabled, are taking out up to $10,000 to buy a first home, or payments are being made to a beneficiary or your estate after your death.
- The minimum to open an IRA savings account is $25.
- The minimum to open an IRA CD is $1,000.
- Click here to view our rates.
Open an IRA today! Give us a call at 972-715-4444.
