Savings, CDs and IRAs
Account | Minimum Balance to Open | Minimum Balance to Earn Interest | Monthly Service Fee |
Savings | $100 | No Minimum Balance Required | $2 if average balance falls below $100 |
Traditional IRA | $100 | No Minimum Balance Required | n/a |
Roth IRA | $100 | No Minimum Balance Required | n/a |
Education IRA | $100 | No Minimum Balance Required | n/a |
IRA Certificates of Deposit | $500 | $500 | n/a |
Certificates of Deposit | $500 | $500 | n/a |
Individual Retirement Accounts* (IRA)
Retirement is the time to enjoy life, and we want to make sure you have the financial security to live the retirement of your dreams. That’s why we offer a variety of no maintenance fee, tax-advantaged IRA investments.
Traditional IRA
Your contributions are 100% vested immediately and may be deductible for the year it is made depending on whether or not you participate in a retirement plan. Earnings grow tax-free until withdrawn. Distributions are required in the year you turn 72 (effective tax year 2020).
Roth IRA
A Roth IRA allows annual non-deductible contributions. Earnings grow tax-free, and qualified distributions are tax-free after a five-year holding period. Mandatory distributions are NOT required.
Education IRA
Contributions to an Education IRA are not tax deductible. However, withdrawals that are made for a child’s higher education expenses are tax-free and penalty-free in the year they are taken.
*Consult your tax advisor about the tax deductibility of contributions, distributions, and earnings.