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Establish financial security for your retirement years with a Traditional or Roth IRA.

IRA Savings and Share Certificates

We offer IRA Savings Accounts and IRA Share Certificates. IRA Certificates are available in terms ranging from one to five years with a minimum initial opening deposit of $1,000.

For tax purposes, you may designate your account as a Traditional IRA or a Roth IRA. Adjusted Gross Income (AGI) limitations apply for contributions and deductions to both account types. Consult your tax advisor to determine which you qualify for and how to maximize the tax advantages using each in your retirement plan.

Traditional IRA

A Traditional IRA is tax-deferred. This means your contribution is most likely tax-deductible, but you will pay income tax on the withdrawal you make during retirement. Individuals who are under age 70½ and have earned income may contribute to an IRA. Contributions are limited up to $6,000 annually. Owners age 50 and older may contribute up to $7,000 annually. You can withdraw funds from your Traditional IRA any time after you reach age 59½ and you are required to take minimum distributions at age 70½. Be sure to consult your tax advisor.

Roth IRA

Roth IRA contributions are not tax-deductible — contributions are made with after-tax dollars. However, Roth IRAs have tax-free earnings. This means you will not pay income tax on the withdrawal you make during retirement — your money is growing tax-free. You can withdraw funds from your Roth IRA any time after you reach age 59½, (but you are not required to take minimum distributions at any age like you are with a Traditional IRA). The Roth IRA also allows for penalty-free withdrawals up to the total contribution amount after five years from account opening. Additionally, the Roth IRA offers special penalty-free withdrawals for specific life events such as first-time home purchase or college expenses. Be sure to consult your tax advisor.

Traditional IRA FAQs


IRA & Education Savings Account Rates
Effective Aug 03, 2020
Description Dividend APY* Min Open Deposit
Traditional, Roth or Coverdell Share Account 0.10% 0.10% $25
*APY = Annual Percentage Yield

How's your retirement plan looking?

When do you see yourself retiring? How much income will you need to live comfortably? What if you had access to an experienced financial professional who cares as much about your future as you do? Whether you’re looking for complete retirement guidance, assistance with a specific financial goal, or just a second opinion, we’d love to help. 

What our members say

"The staff is always friendly. When I come into my local branch I am recognized and addressed by my name." —Michael W.

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