IRAs

Senior women sit in the grass while using a mobile device to view an IRA account

It's never too early to start planning for your retirement—or your child's or grandchild's education. Let us help guide you through the choices.

60 mo. IRA

1.03
%
APY*

48 mo. IRA

0.80
%
APY*

36 mo. IRA

0.55
%
APY*

24 mo. IRA

0.38
%
APY*

12 mo. IRA

0.26
%
APY*

Traditional IRA

The Traditional IRA helps you save for your retirement and contributions may be tax deductible.

  • Individuals under age 70½ with qualifying income may contribute
  • Early withdrawals are subject to 10% penalty unless disabled or paying for qualified expenses like a first home or education
  • Mandatory distributions at age 70½
  • Learn more about contribution limits and deductibility

Benefits

  • Contributions may be tax deductible
  • Interest grows tax-deferred until withdrawn
  • Funds may be used to purchase a first home, up to a $10,000 lifetime maximum
  • Funds may be used to pay for qualifying education expenses

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Adoring grandparents smiling at their grandchild, enjoying this stage in their lives
Senior couple sitting together on a dock while discussing IRA savings

Roth IRA

A Roth IRA helps you save for your retirement by sheltering your earnings from income tax.

  • Individuals with qualified income may contribute, regardless of age
  • Contributions are nondeductible
  • Early withdrawals of earnings are subject to 10% penalty unless disabled or paying for qualified expenses like a first home
  • No distribution requirements
  • Learn more about contribution limits and deductibility

Benefits

  • All withdrawals, including earnings, are tax-free if the account has been open at least 5 years and are used for qualified expenses
  • No requirement to withdraw at any age
  • Contributions can be made at any age, with qualified income
  • Funds can be used to purchase a first home, up to a $10,000 lifetime maximum

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Coverdell Education Savings Account (CESA)

A CESA helps you save for a child’s or grandchild’s education.

  • Individuals of any age may contribute for a beneficiary child or grandchild under age 18, or according to special needs exceptions
  • Contributions are nondeductible
  • Withdrawals after the beneficiary reaches age 30 may be subject to taxes and a 10% penalty, unless rolled over to a family member’s CESA
  • Funds must be withdrawn by the time the child beneficiary reaches age 30, or according to special needs exceptions defined by law
  • Must be used for qualified education expenses
  • Student can attend school full or part time
  • Contributor must meet income requirements
  • Learn more about contribution limits and deductibility

 Benefits

  • All withdrawals, including earnings, are tax-free for qualified education expenses
  • Funds can be rolled over to another family members CESA
  • Contributions to CESAs are allowed regardless of Traditional or Roth IRA participation

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