Individual Retirement Accounts (IRAs)

Key Features

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Details

• Competitive interest above standard savings rates
• Traditional and Roth IRA options
• No setup fees
• Annual contribution limits apply (see current contribution limits)¹
• Minimum deposit to open determined by selected CD product

¹Consult a tax advisor.

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
• 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

• Roth IRA contributions may be limited based on filing status and income³
• 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• Principal contributions can be withdrawn without penalty¹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

¹Subject to some minimal conditions. Consult a tax advisor.

²Certain exceptions apply, such as healthcare, purchasing first home, etc.

3Consult a tax advisor.

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