Individual Retirement Accounts (IRAs)

Individual Retirement Account (IRA) CDs are a safe, tax-advantaged investment option that can help you build savings for retirement. Ideal for risk-averse investors, IRA CDs offer a guaranteed rate of return and higher yields than traditional savings accounts.

Tax-deferred earnings

Earnings on Traditional and Roth IRAs are tax-deferred.

Reduce current taxes

Your IRA contribution may be tax deductible (consult your tax advisor).

Faster savings growth

Non-taxable earnings grow faster than a taxable investment with the same yield.

Qualified penalty-free distributions

You may be eligible for a penalty-free distribution prior to age 59 - 1/2.

The minimum opening deposit is $100.
The maximum annual contribution is $6,000 for an individual or $12,000 for married filing jointly in either a Traditional IRA Account or a Roth Account, or in a combination of both.
For individuals 50 or older, the maximum annual contribution for singles is $7,000 and for married filing jointly is $14,000.
First-time homebuyers may be able to use funds from their IRA CD for their home purchase.

Feature	Traditional IRA¹	Roth IRA¹
Tax-deductible² contributions	Yes	No
Tax-deferred earnings	Yes	Yes
Maximum annual contribution	Single: $6,000 Married Filing Jointly $12,000 Over age 50: additional $1,000 to above limits per individual	Single: $6,000 Married Filing Jointly $12,000 Over age 50: additional $1,000 to above limits per individual
Tax-free withdrawal of earnings	No	Yes If account is held for five years after the first contribution is made, and any of the following reasons apply: Age 59 and ½ and older Disability Death First-time home purchase³
Penalty-free distribution	Qualified exceptions to the 10% penalty: Age 59 and ½ and older Disability Unreimbursed medical expenses above 10% Adjusted Gross Income Health insurance costs if unemployed for more than 12 weeks Eligible higher education expenses First time home purchase³ IRS levy of the account Substantially equal periodic annuity payments Qualified reservist distribution	Qualified exceptions to the 10% penalty: Age 59 and ½ and older Disability Unreimbursed medical expenses above 10% Adjusted Gross Income Health insurance costs if unemployed for more than 12 weeks Eligible higher education expenses First time home purchase³ IRS levy of the account Substantially equal periodic annuity payments Qualified reservist distribution
Age deadline for contributions	No age limit	No age limit

Fees may reduce account earnings. Early withdrawal may be subject to taxation and penalties by the IRS and interest penalties may be charged by the Bank. $15 account closing fee and $12 annual administration fee apply.
Consult with your tax advisor regarding the deductibility of your IRA Account contributions.
If both you and your spouse are first-time homebuyers, each of you can receive distributions up to $10,000 for a first home without having to pay the 10% penalty.

Individual Retirement Accounts (IRAs)

Moving you towards a more secure retirement

Tax-deferred earnings

Reduce current taxes

Faster savings growth

Qualified penalty-free distributions

Get to know IRA CDs

IRA CD Account Comparison

Have a question?

Individual Retirement Accounts (IRAs)

Moving you towards a more secure retirement

Tax-deferred earnings

Reduce current taxes

Faster savings growth

Qualified penalty-free distributions

Get to know IRA CDs

IRA CD Account Comparison

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Have a question?