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IRAs

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Individual Retirement Accounts (IRAs)

An IRA offers tax advantaged savings for your retirement.
  • Savings and CD options available
  • No monthly fees
The amount you can contribute is set by the IRS each year. If you’re 50 or older, you can make an additional catch-up contribution.


Traditional vs. Roth IRAs: What’s the Difference?

A Traditional IRA

  • Contributions are made pre-tax. At retirement, withdrawals are taxed at your current income tax rate.
  • Contributions are typically tax deductible. If you also have an employer retirement plan, the tax deductibility of your traditional IRA may be limited by the IRS.
  • Subject to required minimum distributions (RMDs).
  • Funds withdrawn prior to retirement will incur a penalty unless they meet exception criteria for certain uses.

A Roth IRA

  • Contributions are made post-tax. Roth IRA withdrawals are tax free.
  • Contributions are not tax deductible.
  • You can’t contribute to a Roth IRA if your income exceeds a limit set by the IRS.
  • Only earned income can be contributed.
  • Contributions can be withdrawn at any time tax and penalty free. Early withdrawal of earnings may be subject to penalty and tax unless they meet exception criteria for certain uses.
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Pro Tip

A Roth IRA may be preferable if you want tax-free income in retirement (especially if you believe you’ll be subject to a higher tax rate). A traditional IRA may be preferable if you prefer a tax deduction now.

Regular, IRA, and Youth CD Rates

As high as 2.15% APY1

6 months 0.75% 0.750%
 0.75%
 0.750%
1 year 0.45%
 0.450%
 1.00%
 1.000%
2 year 0.55%
 0.550%
 1.60%
  1.590%
3 year 0.70%
 0.700%
 1.95%
 1.940%
4 year 0.85%
 0.850%
 2.05%
 2.030%
5 year 1.10%
 1.095%
 2.15%
 2.130%

$500 – $9,999 
($100 minimum for youth CDs)		 $10,000 +
Term

 APY1 Dividend Rate APY1 Dividend Rate





More to Explore

1 APY = Annual Percentage Yield. Rates are subject to change. Fees may reduce earnings. CDs are subject to early redemption penalties: 6-month CD, loss of 30 days interest; 1-year CD, loss of 90 days interest; 2-5-year CD, loss of 180 days interest. Rates effective . Consult your tax advisor regarding taxation of IRA contributions and withdrawals.
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