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Online Banking

Retirement Accounts

TYPES OF IRA PLANS

Choose Savings or Certificate of Deposit for these plans.

TRADITIONAL IRA

  • Earned income
  • Contributions may be tax deductible
  • Contributions and earnings tax-deferred
  • Required minimum distribution

ROTH IRA

  • Earned income
  • Contributions are non-deductible
  • Earnings are tax free
  • No age restrictions for contributions
  • No required minimum distribution

SIMPLIFIED EMPLOYEE PENSION (SEP)

  • Established by employer
  • Higher contribution limits
  • Provides retirement benefits for employee
  • Qualifies as a tax deduction for employer
  • Contributions and earnings are tax-deferred

IRA SAVINGS*

  • No set-up fee
  • No annual fee
  • $100 minimum balance to open
  • Interest compounded quarterly
  • Interest paid quarterly
  • Variable tiered interest*
  • Penalty for early withdrawal
*Variable Rate - The interest rate and annual percentage yield for your account depends upon the applicable rate/tier. The interest rate and annual percentage yield may change at any time at the bank's discretion.