Individual Retirement Accounts (IRAs)
Individual Retirement Accounts – IRAs
Individual retirement accounts, or IRAs, offer a safe and convenient way to save for retirement. We offer Traditional and Roth IRAs, each offering different tax advantages. The minimum opening deposit is $500.00.
- 12-month term
- 18-month term
- 30-month term
- 60-month term
These accounts have penalties for early withdrawal. A traditional IRA allows individuals to direct pretax income toward investments that can grow tax deferred. A Roth IRA is an individual retirement account that allows a person to set aside after-tax income up to a specified amount each year. Both earnings on the account and withdrawals after age 59 ½ are tax-free.
For assistance in choosing which IRA type is best for your financial needs, please call or visit your local branch to get started.