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Individual Retirement Accounts

Our Individual Retirement Accounts are a smart way to save for the future, whether it is for your retirement or your child's education expenses. You can also transfer an existing IRA to us from another institution.

Our experts can guide you to decide if a Traditional, Roth, or Coverdell Education Savings Account (CESA) is the best for your situation and goals.

Current Rates

  • Tax-advantaged retirement savings*
  • Competitive rates above standard savings
  • Traditional, Roth IRAs, or Coverdell accounts available
  • No setup or administrative fees
  • No monthly or annual maintenance fees
  • $5,500 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+

For more information on a our IRAs please contact the Member Services Department at the nearest branch office.

Identification Needed to Establish an Account

A traditional IRA may provide you significant immediate tax savings, because contributions and/or earnings are tax-deferred until retirement. Roth IRAs differ from Traditional IRAs in that the money you contribute to a Roth IRA has already been taxed. So the principal amount is never subject to taxes or penalties in the future, as long as you stay within the contribution guidelines. This retirement plan allows the money you contribute to grow tax-deferred.

Traditional IRA

  • No income limits to open
  • No minimum contribution in any year
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

Roth IRA

  • 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  • Principal contributions can be withdrawn without penalty*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 interest can begin at age 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

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

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

Saving for your little ones' education expenses with a Coverdell Education Savings Account (CESA), formerly Educational IRA, is a good choice. You may contribute a maximum of $2,000 per year per child until the student's 18th birthday. Contributions are not tax deductible, but earnings accumulate tax-free. Withdrawals from Educational IRAs can be used to pay for tuition, books, supplies and room and board (for fulltime students).

  • Save to fund your children's education
  • No setup or annual fee
  • Dividends grow tax-free
  • Withdrawals are tax-free when used for qualified education expenses*
  • Designated beneficiary must be under 18 when contributions are made
  • $2,000 maximum annual contribution per child*
  • Contributions are not tax deductible
  • Certain income limits apply for contributions*