An IRA is a great way to ensure that your retirement years are some of your best years. Simply make contributions up to $5,500 per year1 and you'll enjoy tax-advantaged1 savings at a higher rate than a standard savings account. Choose between traditional or Roth options, depending on your needs. Then enjoy the peace of mind that comes with a more secure retirement.

Details
  • Save for retirement with tax advantages1
  • Earn competitive dividends higher than regular savings
  • Pays monthly dividends
  • Available in traditional and Roth
  • Annual contribution limits apply
  • $1,000 annual "catch up" contributions allowed for ages 50 and better
  • Funds can be used to purchase CDs within IRA
  • No annual fees or set up fees
  • No minimum balance requirements
  • Federally insured up to at least $250,000
  • No minimum deposit to open
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 59 ½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70 ½

Roth IRA

  • Prepare for qualified medical expenses
  • Income limits to be eligible to open Roth IRA3
  • 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  • Principal contributions can be withdrawn without penalty1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 59 ½
  • Early withdrawals on interest subject to penalty2
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income
Coverdell ESA

Higher education can become a financial burden. A Coverdell Education Savings Account (ESA) is designed to help lighten the load.

  • Set aside funds for your child's education
  • Dividends grow tax-free3
  • Withdrawals are tax-free and penalty-free when used for qualifying education expenses3
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply3
  • Contributions are not tax deductible
  • Contributions are allowed regardless of traditional or Roth IRA participation
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time he or she turns 30
  • The ESA may be transferred without penalty to another member of the family
Additional Resources

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

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

3Consult a tax advisor.