Investment Retirement Arrangement (IRA)

  Tax Deductible Contributions Qualified Withdrawal Required Distribution Additional Information
Roth IRA No Tax free after age 59 1/2 No Earnings grow tax free
Traditional IRA Yes Taxable, and possible penalty if funds are withdrawn prior to age 59 1/2 Yes, at age 70 1/2 Funds are not taxable until withdrawn
Simplified Employee Pension Yes Taxable, and possible penalty if funds are withdrawn prior to age 59 1/2 Yes, at age 70 1/2 Employer contributes to IRA, ideal for small businesses and sole proprietors
Coverdell Education Savings Account No Tax free for qualified beneficiary's educational expenses By age 30 (unless special needs) Certain transfers of remaining funds can be made to beneficiary's family

IRAs

Your future. Saving for your retirement can seem overwhelming at times. Our IRA options allow you to take small steps over a long period of time to achieve your retirement savings goals. Take the first small step today, and open an IRA!

Features of IRAs:

  • Interest bearing account with term options
  • Capable of receiving deposits up to contribution limits annually
  • Deposits insured in full by FDIC and DIF

Account Requirements:

  • Valid photo ID
    • If using a passport or valid photo ID has your incorrect physical address you need to provide one of the following for proof of address: Bill, car insurance, bank statement, rental agreement, or new mortgage statement

CD/IRA Rates