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Traditional IRA

Secure your financial future with a tax-deferred savings account.

From the time you open an IRA account until the day you retire (and withdraw your savings), the money you save grows tax-deferred. This means that your balance is likely to grow at a faster rate than it would in a taxable savings account earning the same amount of interest.¹

The best part? Annual IRA contribution limits are higher than ever; you may even be able to contribute an additional "catch-up" amount of $1,000 if you're 50 or over. You may even qualify for a tax credit if you contribute to an IRA. Please consult your tax advisor for more information regarding your individual situation.

Traditional IRAs offer these benefits:

• Tax-deferred earnings on contributions²
• Choose from a Savings Account or a wide range of CD terms
• Competitive interest rates

1. Taxes will be due upon withdrawal at ordinary income tax rates. Withdrawals made before age 59½ may be subject to an additional 10% tax penalty.

2. Contributions may also be partially or fully tax-deductible, depending on whether individuals or their spouses are covered by another pension plan and how much income they earn.

There are plenty of great reasons to open and start contributing to an IRA:

You’ll Save on Current Taxes.

With some IRAs, you may be able to deduct all or part of your qualified contributions from your taxable income. The deductible amount depends on how much you make, your marital status, and whether you're an active participant in an employer-sponsored plan according to the Internal Revenue Code.

You Can Defer Taxes on Accumulated Interest.

You defer taxes until you retire, when you may be in a lower tax bracket. You should consult your tax advisor to review your particular tax situation on the tax-deductible status of an IRA. Or for more general information, you can speak with one of our Retirement specialists.

Rolling Over Your IRA

If you are retiring or changing jobs and anticipate withdrawing money from your employer's retirement plan, you may find yourself in a tax bind unless you rollover your assets into an IRA or another qualified plan. Ask your employer to arrange for a "direct rollover" of your money into a new IRA account with us to avoid the mandatory 20% withholding tax.

You also can do an IRA-to-IRA rollover. Complete the rollover within 60 days from the date you receive the assets from your old IRA to qualify. Just go to your financial institution and close your IRA, then bring the check to us. The IRS limits the number of these rollovers to one in a 12-month period.