Individual Retirement Accounts (IRAs)

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You’ve put in the work — retirement is the time to cash in. Choose between traditional or Roth and get started today.

• Save for retirement with tax advantages¹
• Earn competitive interest higher than regular savings
• Interest paid quarterly
• Available in Traditional and Roth
• Annual contribution limits apply
• $1,000 annual “catch up” contributions allowed for ages 50 and better
• No annual fees or set-up fees
• No minimum balance requirements
• Federally insured
• $500 minimum deposit to open

¹Consult a tax advisor

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Traditional IRA

• No income limits to open
• No minimum contribution in any year
• Contributions are tax deductible on state and federal income tax¹
• Earnings are tax deferred until withdrawal
• Withdrawals can begin at age 59½
• Early withdrawals subject to penalty²
• Mandatory withdrawals begin 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 withdrawal¹
• Principal contributions can be withdrawn without penalty¹
• Withdrawals on interest can begin at age 59½
• Early withdrawals on interest subject to penalty²
• No mandatory distribution age
• No age limit on making contributions as long as you have earned income 

We also offer variable rate IRA's, which provide a great opportunity to start with only a $25 minimum opening deposit. What’s unique is that a variable rate IRA also provides the ability to make future deposits. Funds can be withdrawn or transferred to another IRA at maturity. However, IRS penalties for early withdrawals may apply. FCCB penalties may apply for withdrawals made prior to age 72.

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

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

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Create an easier transition into college for yourself and your student by setting up a savings account early. A Coverdell Education Savings Account (ESA) provides a tax-free safe place to grow competitive interest and also financial confidence for a new stage in life. 

• Set aside funds for your child's education
• No setup or annual fee
• Interest grows tax-free
• Withdrawals are tax-free and penalty-free when used for qualified education expenses¹
• Designated beneficiary must be under 18 when contributions are made
• To contribute to an ESA, certain income limits apply²
• Contributions are not tax deductible
• $2,000 maximum annual contribution per child
• The money must be withdrawn by the time he or she turns 30³
• The ESA may be transferred without penalty to another member of the family 

¹Qualified expenses include tuition and fees, books, supplies, board, etc.

²Consult your tax advisor to determine your contribution limit.

³Those earnings are subject to income tax and a 10% penalty.