Retirement will be here before you know it.
Be ready with a fee-free account that features significant tax benefits. *
Benefits
- Enjoy tax advantages while saving for retirement*
- Earn competitive interest above standard savings rates
- Traditional and Roth options available
- No setup or maintenance fees
- No annual fee
- Annual contribution limits apply (see current contribution limits; $7,000 as of 2024)*
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Personalized service
- $500 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 tax1
- No age limit on making contributions as long as you have earned income
- 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;
Roth IRA
- Income limits to be eligible 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- Principal contributions can be withdrawn without penalty1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
*Consult a tax advisor.
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.
