Traditional and Roth IRA
Similar to Share Certificates, IRA Certificates feature terms from 3 months to five years. Featuring a higher dividend rate than the IRA savings accounts, you can choose your term, deposit your money, and not think about it again until maturity!
Your funds are insured up to $500,000 with us.
Traditional IRA Certificate
- Contributions are tax deductible depending on your income level
- Withdrawals begin at age 59 ½ and are mandatory by the age of 70 ½
- The Traditional IRA is available to anyone; there are no income restrictions
- All funds withdrawn (including principal contributions) before 59 ½ are subject to a 10% penalty
Roth IRA Certificate
- Contributions are not tax deductible
- No Mandatory Distribution Age
- All earnings and principal are 100% tax free if rules and regulations are followed
- Available only to single-filers or head of household making up to $120,000 or married couples making a combined maximum of $189,000 annually.
- Principal contributions can be withdrawn any time without penalty (subject to some minimal conditions).
For 2019, the maximum you can contribute to all of your traditional and Roth IRAs cannot be more than:
- $6,000 ($7,000 if you're age 50 or older), or
- your taxable compensation for the year if your compensation was less than this dollar amount
The IRA contribution limit does not apply to:
- Rollover contributions
- Qualified reservist repayments
For more information regarding IRAs, select an online brochure below:
IRAs: Growing Your Savings During Every Stage of Life
Roth IRAs: Answers to Your Questions
Traditional IRAs: Answers to Your Questions
Roth vs. Traditional IRA: Exploring Your Options
Roth vs. Traditional IRA: Taking a Closer Look at Eligibility
Conversions: Moving Into a Roth IRA
Retirement Plan Rollovers: Rolling Your Way to a Better Retirement
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