Individual Retirement Accounts (IRAs)

Set yourself up for a successful retirement by planning ahead. Leverage tax-advantaged* savings to make the most of the money you set aside for the future.

We offer both traditional and Roth IRAs, as well as SEPs for self-employed individuals. Have a look at the options available to you — pick the one that best suits your retirement savings strategy!

• Tax-advantaged retirement savings*
• Competitive dividends above standard savings rates
• Traditional and Roth IRA options
• No setup fees
• No monthly or annual maintenance fees
• $6,500 contribution limit per year 
• Additional $1,000 "catch-up" contribution allowed for ages 50+
• Funds can be used to purchase share certificates within IRA
• No minimum deposit to open

*Consult a tax advisor.

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
• Contribution limits apply*
• Contributions are tax deductible on state and federal income tax**
• Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
• Withdrawals can begin at age 59 ½
• Early withdrawals subject to penalty**
• Mandatory withdrawals at age 73

*Refer to the IRS website for current limits.

** Subject to some minimal conditions. Check with your tax advisor regarding your individual circumstances.

Roth IRA

• Contribution limits apply*
• Income limits to be eligible to open Roth IRA**
• Contributions are NOT tax deductible
• Earnings are 100% tax free at withdrawal**
• Principal contributions can be withdrawn without penalty***
• Withdrawals on dividends can begin at age 59 ½
• Early withdrawals on dividends subject to penalty†
• No mandatory distribution age
• No age limit on making contributions as long as you have earned income

*Refer to the IRS website for current limits.

**Check with your tax advisor regarding your individual circumstances.

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

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

SEPs help small business owners and self-employed individuals save for retirement without all the hassle that can come from setting up an IRA.

Like IRAs, SEPs offer tax-advantaged savings. But they require much less upkeep than traditional retirement options — and they're less expensive to set up and operate. SEPs: small business retirement planning made simple.

• Ideal for businesses of any size or self-employed individuals
• Help employees reach their retirement savings goals
• Employee always has complete ownership of all SEP IRA money
• Earn competitive dividends on entire balance
• Contributions are tax deductible; your business pays no taxes on earnings
• Contributions made only by the employer
• Only self-employed may make contributions on their own behalf
• Little to no documents to file with government
• Inexpensive to set up and operate
• Flexible annual contributions — good plan if cash flow is unpredictable
• Higher contribution limits than other IRAs
• Employer contributions may be tax deductible*
• Employee funds are tax deferred
• No minimum deposit to open

*Check with your tax advisor regarding your individual circumstances.