Individual Retirement Accounts (IRAs)

The best time to start saving is now.

Individual Retirement Accounts (IRAs)
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Set yourself up for a successful retirement by planning ahead. Leverage tax-advantaged* savings to make the most of the money you set aside for the future.

We offer both traditional and Roth IRAs, as well as SEPs for self-employed individuals. Have a look at the options available to you — pick the one that best suits your retirement savings strategy!

  • Tax-advantaged retirement savings*
  • Competitive dividends above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,500 contribution limit per year (as of 2015)
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase share certificates within IRA
  • No minimum deposit to open

*Consult a tax advisor.

Traditional vs. Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contribution limits apply*
  • Contributions are tax deductible on state and federal income tax**
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 ½

*Refer to the IRS website for current limits.

** Subject to some minimal conditions. Check with your tax advisor regarding your individual circumstances.

Roth IRA

  • Contribution limits apply*
  • 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  • Principal contributions can be withdrawn without penalty***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 dividends can begin at age 59 ½
  • Early withdrawals on dividends subject to penalty†
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Refer to the IRS website for current limits.

**Check with your tax advisor regarding your individual circumstances.

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

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



SEP IRAs

SEPs help small business owners and self-employed individuals save for retirement without all the hassle that can come from setting up an IRA.

Like IRAs, SEPs offer tax-advantaged savings. But they require much less upkeep than traditional retirement options — and they're less expensive to set up and operate. SEPs: small business retirement planning made simple.

  • Ideal for businesses of any size or self-employed individuals
  • Help employees reach their retirement savings goals
  • Employee always has complete ownership of all SEP IRA money
  • Earn competitive dividends on entire balance
  • Contributions are tax deductible; your business pays no taxes on earnings
  • Contributions made only by the employer
  • Only self-employed may make contributions on their own behalf
  • Little to no documents to file with government
  • Inexpensive to set up and operate
  • Flexible annual contributions — good plan if cash flow is unpredictable
  • Higher contribution limits than other IRAs
  • Employer contributions may be tax deductible*
  • Employee funds are tax deferred
  • No minimum deposit to open

*Check with your tax advisor regarding your individual circumstances.