A smooth path to retirement starts with an IRA. Maximize your savings and ensure you have plenty of funds for all the fun that comes after.
- Tax Advantages*
- Competitive Rates
- No Setup or Maintenance Fees
- Competitive CD rates above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- Annual contribution limits apply (see current contribution limits; $6,000 as of 2020)1
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to open IRA CDs
- $10 minimum deposit to open an IRA Savings
- $500 minimum deposit to open an IRA CD
- Check out our current rates!
The recent passing of both the SECURE AND CARES Acts have put new guidelines in place in regards to IRA Accounts & Plans. Please read this to learn more about how it may affect you, and how it may affect your 2020 distributions and beyond.
If you have any questions about an IRA or if you would like to learn more about planning for retirement, please call our Member Solutions Center at 508-490-8000 today.
1Consult a tax advisor.
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.
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax1
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty2,3
- Mandatory withdrawals at age 72
- Income limits to be eligible to open Roth IRA2,3
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal1
- Principal contributions can be withdrawn without penalty1
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty2,3
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
Check out our current rates!
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.
Create an easier transition into college for yourself and your student by setting up a savings account early. A Coverdell Education Savings Account (ESA) provides a tax-free safe place to grow competitive dividends and also financial confidence for a new stage in life.
- $2,000 maximum annual contribution per child until a child is 18 years old
- Set aside funds for your child's education
- No setup or annual fee
- Dividends grow tax-free
- Withdrawals are tax-free and penalty-free when used for qualified education expenses1
- To contribute to an ESA, certain income limits apply2
- Designated beneficiary must be under 18 when contributions are made
- The money must be withdrawn by the time he or she turns 303
- The ESA may be transferred without penalty to another member of the family
- $500 minimum deposit to open
- Contributions are not tax deductible
- Check out our current rates!
1Qualified expenses include tuition and fees, books, supplies, board, etc.
2Consult your tax advisor to determine your contribution limit.
3Those earnings are subject to income tax and a 10% penalty.