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IRA Individual retirement account

Retirement Accounts

Individual retirement accounts, better known as IRAs, give you tax incentives to save for retirement. We offer two types: the Traditional IRA and the Roth IRA.

Visit your local branch for help setting up an account, or explore more information and planning tools at IRA Central.

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Traditional IRA

    • Make pre-tax or tax-deductible contributions (conditions apply)
    • Income tax applies on all withdrawals
    • 10% federal penalty tax applies to all withdrawals before age 59½
    • Required minimum distributions apply starting at age 72 (Contact us for details)
    • Best if you expect to be in the same or lower tax bracket when you retire

    Roth IRA

    • Make after-tax contributions
    • No income tax applies to withdrawals
    • No penalties on early withdrawal of contributions, but a 10% federal penalty tax applies to withdrawals of earnings before age 59½ (Early CD withdrawal fees may apply. Contact us for details)
    • No required minimum distributions
    • Best if you expect to be in a higher tax bracket when you retire

    Health Savings Accounts

    If you have a high deductible health plan (HDHP), a Health Savings Account (HSA) can help you pay for certain medical expenses with pre-tax dollars. It’s a great tool for lowering your health care costs and planning for medical emergencies.

    Unlike Flexible Spending Accounts, your HSA rolls over from year to year, which lets you build up funds for future expenses.

    Contact your local branch to see if you qualify.


    Education Saving Account

    Coverdell ESAs are created on behalf of a child beneficiary who is under 18 or has special needs. These accounts earn tax-free interest, which make them an idea way to boost education savings. Withdrawals made for qualifying education expenses are also tax-free. Unlike 529 plans, the Coverdell ESA isn’t restricted to college expenses. Select K-12 items also qualify.

    Contact your local branch to learn more or set up an account.

    Get ready for all the great things to come with specialized savings accounts that help you reach your goals faster. Let us help you sort through your options.