Up to $24,999.99 .30% APY
$25,000 - $49,999,99 .35% APY
$50,000 and over .40% APY
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- An IRA is a special savings account for Retirement planning. We offer two types of IRAs and each have their own benefits and conditions.
Traditional IRA- These IRAs are funded by pre-tax dollars from you paycheck. The money invested and interest is not subject to income taxes until it is withdrawn. There is a 10% tax penalty applied to funds withdrawn before the age of 59 1/2, except for certain exceptions. There may also be an early withdrawal penalty applied to CD withdrawals before the maturity date. Deposits to a Traditional IRA account can be claimed on your income tax forms for an additional tax deduction.
Roth IRA- These IRAs are funded by income that you have already paid taxes on. Because of this, you may withdraw your contributions without a penalty or fee. The interest earned is tax-free, but may not be withdrawn except under certain circumstances. These accounts are ideal for younger, lower income workers because the initial tax benefits of a Traditional IRA are not as useful in their situation. These also allow individuals to avoid the cost of the income tax when they begin to withdraw the funds during retirement.