Individual Retirement Accounts
Have you started saving for your retirement? Start building now for your future even if your employer doesn’t offer a retirement plan. We offer two types of IRAs – Traditional IRA and Roth IRA.
Traditional IRA
- $100 minimum opening deposit
- Deposits may be made in amounts of $50 or more, up to a maximum of $6,000 annually
- Interest paid compounded quarterly
- Contributions may be tax deductible
- IRA account holders age 50 or better may deposit an additional $1,000 annually
- No fees or service charges
- Required minimum distribution at age 72
ROTH IRA
- $100 minimum opening deposit
- Deposits may be made in amounts of $50 or more, up to a maximum of $6,000 annually
- Distributions can be tax free if certain requirements are met
- No fees or service charges
- IRA account holders age 50 or better may deposit an additional $1,000 annually
- No required minimum distribution