A Traditional IRA is easy to maintain and typically offers two important tax advantages. If you and/or your spouse do not participate in a retirement plan where you work, contributions are typically tax deductible. However, if you or your spouse participate in a retirement plan at work you may still be eligible for a full or partial deduction based on your tax filing status and income. Also, every penny of the earnings in a Traditional IRA is 100% free from federal income tax until withdrawn from the account.

Tax-deferred money grows quicker, so money will grow faster in a Traditional IRA.

Requirements

• Minimum deposit to open account is $500.
• Additional contributions to an existing CD must be a minimum of $50.
• Transfers and rollovers will be deposited into a new CD.

Features

• Interest will be compounded semiannually, except for certificates of less than one year or when monthly distributions are setup.
• This account automatically renews at maturity.
• Contributions can be made at any time into an existing IRA at the current rate.
• Contributions are limited to a specified dollar amount based on the tax year and if you are under or over age 50.

Distributions

• Distributions can be made without IRS penalty after the age of 59½ or with other qualifying conditions such as death or disability.
• Distributions must begin by April 1 of the year after the year you turn 70½. The taxable portion of what you take out is taxed as ordinary income.

Competitive Edge

• Contributions to Traditional IRAs can be made at any time during the term and will earn the same interest rate as the original deposit until the end of the term.

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Disclosure

Current Rates

Contributions to a Roth IRA are not deductible; however, if the funds are distributed in a “qualified distribution” they are not subject to federal income tax. Therefore, the earnings on the Roth IRA are generally tax-free.

Requirements

• Minimum deposit to open account is $500.
• Additional contributions to an existing CD must be a minimum of $50.
• Transfers and rollovers will be deposited into a new CD.

Features

• Interest will be compounded semiannually, except for certificates of less than one year or when monthly distributions are setup.
• This account automatically renews at maturity.
• Money deposited into Roth IRAs is taxed in the year it is earned.
• Contributions are limited to a specified dollar amount based on the tax year and if you are under or over age 50.

Distributions

• Withdrawals of earnings for qualified distribution reasons after a five-year holding period are federal tax free and penalty free.

Competitive Edge

• Contributions to Roth IRA’s can be made at any time during the term and will earn the same interest rate as the original deposit until the end of the term.

Apply

Disclosure

Current Rates