Unlock Your Future with IRA Savings Accounts

Traditional and Roth IRA accounts provide tax-advantaged ways to save for your future. A Traditional IRA allows you to contribute pre-tax dollars, which may reduce your taxable income for the year in which you made contributions. Meanwhile, a Roth IRA allows you to contribute after-tax dollars and after you’ve met the five-year holding requirement you may be able to withdraw tax-free in retirement. Both types of IRA Savings Accounts can help you reach your retirement goals depending on your individual financial situation.

Traditional & Roth IRAs

Contribution Limits

  • The maximum contribution for a Traditional or Roth IRA is $7,000.00 for the 2024 tax year.
  • IRA owners who are 50 or older can contribute an additional $1,000.00.

FDIC Insurance Coverage on your IRA is $250,000

Your deposits in a variety of retirement accounts at our insured institution are combined and insured to a maximum of $250,000. This applies to FDIC insured retirement deposits. Other categories of accounts you have on deposit at our institution will be insured to $250,000 separately from your retirement accounts.  If you have questions about maximizing your deposit insurance coverage, ask to speak to one of our experts.

Education IRAs

(Coverdell Education Savings Accounts)

Education IRAs, also known as Coverdell Education Savings Accounts, offer a powerful way for parents to financially prepare for their child's academic future. This makes them an attractive option for families looking to maximize their education savings while minimizing their tax burden. Understanding the benefits and limitations of an Education IRA savings account can help parents and students lay a solid foundation for financial success in their educational endeavors.

  • The maximum annual contribution is $2,000.
  • Savings may be used for primary and secondary school expenses in addition to higher education fees.
  • The income eligibility limits are if your modified adjusted gross income (MAGI) is less than $110,000 ($220,000 if filing a joint return) you may be eligible to open a Coverdell Education Savings Account.
  • Contribution deadline is your tax filing date (usually April 15th).

We also offer Simple IRA's, SEP's & HSA's. See one of our IRA consultants for details.

Rollover Your IRA

Leaving your job or retiring soon? If you're expecting a distribution from your employer's retirement account, roll it over to an account with us.

A direct rollover to an IRA with us lets you avoid:

  • The 20% federal income tax withholding on your distribution.
  • The 10% penalty for early withdrawal of retirement funds if you have not reached age 59½.
  • Current taxation.

Keep all of your money safe and working hard for you. Open a rollover IRA today.

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