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Individual Retirement Account

The early bird catches the worm. Watch your retirement dreams take flight with a solid savings plan. IRAs offer tax-advantaged* ways to save for your golden years. We offer different types of accounts for different financial situations. Ask for more details today!

Current Rates

Rates effective as of 12/23/2024.
*APY = Annual Percentage Yield
**Interest rate is variable and may change after the account is opened.
See account disclosures for additional account information.

PLEASE NOTE:  APY assumes interest remains on deposit.  A withdrawal or fees could reduce earnings.  A penalty will be imposed for early withdrawal.  Rate changes are made at the Bank’s discretion.  Rates are subject to change without notice.

Term Minimum Deposit to Open & Obtain APY* Interest Rate APY* Interest Frequency Early Withdrawal Penalty
Term
12 Month
Minimum Deposit to Open & Obtain APY*
$500.00
Interest Rate
2.23%
APY*
2.24%
Interest Frequency
6 Months
Early Withdrawal Penalty
91 Days
Term
24 Month
Minimum Deposit to Open & Obtain APY*
$500.00
Interest Rate
2.09%
APY*
2.10%
Interest Frequency
6 Months
Early Withdrawal Penalty
182 Days
Term
36 Month
Minimum Deposit to Open & Obtain APY*
$500.00
Interest Rate
1.96%
APY*
1.97%
Interest Frequency
6 Months
Early Withdrawal Penalty
365 Days
Term
60 Month
Minimum Deposit to Open & Obtain APY*
$500.00
Interest Rate
1.76%
APY*
1.77%
Interest Frequency
6 Months
Early Withdrawal Penalty
365 Days
Term
Variable**
Minimum Deposit to Open & Obtain APY*
$100.00
Interest Rate
2.23%
APY*
2.25%
Interest Frequency
3 Months
Early Withdrawal Penalty
30 Days
IRA Benefits
  • Tax-advantaged* way to save for retirement
  • Earn higher rates than regular savings to grow your nest egg quickly
  • Several plans available to serve different financial needs

Traditional IRA

This type of IRA is a great option if you don’t have a tax-advantaged retirement plan through your employer. Lower your overall taxable income for the year by contributing to a traditional IRA.

  • Interest earnings are tax-deferred until withdrawal
  • Current income grows tax-free until withdrawal
  • Increases untaxed savings since withdrawals will be subject to a lower tax bracket
  • Many account holders are eligible to deduct their contributions on current returns

Roth IRA

Already have a 401(k) plan or similar retirement plan from your employer? A Roth IRA is a great complement to your other retirement savings accounts. Contribute post-tax income now and enjoy tax-free withdrawals in retirement.

  • All earnings are tax-free upon withdrawal
  • Your income is taxed now, when you are working, instead of when you are retired
  • Some early withdrawals are penalty-free for specific situations
FAQs About Individual Retirement Accounts

How much can I contribute to an IRA?

As of 2024 & 2025, the annual limit for traditional and Roth IRAs is $7,00. People aged 50 and older can contribute up to $7,500 a year.

When can I take distributions from my IRA?

You can start withdrawing from your IRA at age 59 ½ without penalties. It doesn’t matter if you’re still working or not.

Can I borrow against my IRA?

The short answer is no. Loans can only be made from qualified 401, 403, and governmental plans.

Open a new IRA account today!

Want to learn more about IRAs or ready to open a new account? Contact us or visit your nearest location to open an IRA account today!

*Consult your tax adviser.