It’s never too early or too late to start saving for retirement. Make those golden years good ones, because you earned it.
Benefits
- Save for a prosperous retirement with special tax advantages*
- Competitive interest above standard savings rates
- Rates are variable and may change after account is opened
- Interest is compounded and credited monthly
- Rates are variable and may change after account is opened
- Traditional and Roth IRA options available
- Contributions can be made as a payroll deduction
- No setup fees
- No monthly or annual maintenance fees
- Annual contribution limits apply (see current contribution limits; $6,000 as of 2022)
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase CDs within IRA
- Early withdrawal penalties may apply
- No minimum deposit to open
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
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59 ½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70 ½
Roth IRA
- Income limits to be eligible to open Roth IRA***
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal*
- Principal contributions can be withdrawn without penalty*
- Withdrawals on interest can begin at age 59 ½
- Early withdrawals on interest subject to penalty**
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
***Consult a tax advisor.
*Consult a tax advisor.
Money Market Account
Make your savings work hard.
Maximize earnings on your higher savings balance and enjoy flexibility with enhanced access to your funds.