INDIVIDUAL RETIREMENT ACCOUNTS

Start your journey towards retirement!

We offer Traditional, Roth, and Simplified Employee Pension (SEP) IRAs. Consult your tax advisor to determine which of these tax advantaged accounts are best for you!

Features:

  • Variable interest rate IRA savings account
    • Minimum opening deposit of $50.00
  • Invest your retirement dollars in any of our high-yield Certificates of Deposit
    • Minimum opening deposit dependent on desired term
  • Automatic Contributions & Distributions available
  • No annual fee
  • IRA Transfer Termination fee of $50.00 when transferring IRA plan elsewhere

Traditional IRA

  • Contributions may be tax-deductible
  • Funds in your Traditional IRA are generally not taxed until they are distributed
  • Federal & State Tax withholding available on distributions
  • Rollover your Employer’s Qualified Retirement Plan

Roth IRA

  • Contributions are not tax-deductible
  • Distribution of earnings is generally tax free if:
    • It has been 5 years since the first tax year in which a contribution was made to your Roth IRA
    • The distribution is made on or after the date you reach the age of 59 ½
  • Distribution of prior contributions is tax free

SEP-IRA

  • Contributions are made by employers and may be tax deductible to employees
  • Suitable for Self-Employed Individuals

Annual Contribution Limits

Traditional / Roth

    Under Age 50                  Ages 50 and Over

2023 – $6,500                    2023 – $7,500

2024 – $7,000                    2024 – $8,000