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Individual Retirement Account (IRA)

Flexibility. Choices. Security. We know how important these features are when planning for retirement.

We offer Traditional and Roth IRAs, as well as Coverdell ESAs, with a variety of investment options to choose from. You'll enjoy peace of mind with these FDIC-insured products. Our New Accounts Specialists are ready to answer your questions and give you the assistance you need to meet your individual goals. Contact Us!


Traditional IRA

  • To open, a depositor must be under age 70½ and earn compensation.
  • Annual contribution up to $5,500 or 100% of earned income, whichever is less. Contribution must be coordinated with Roth IRA contributions to ensure limit is not exceeded.
  • Individuals 50 years of age and above may make additional contributions of $1,000 per year.
  • Contributions may be tax-deductible, depending upon the depositor's income and participation in an employer-sponsored retirement plan.
  • Earnings are tax-deferred until withdrawn; then, the entire distribution - earnings and contributions - is taxable.
  • Distributions before age 59½ are subject to IRS 10% premature distribution penalty, unless the IRA owner dies or becomes disabled, or the funds are used for one of the following purposes: a qualified first home purchase; higher education; eligible medical expenses exceeding 7.5% of adjusted gross income; or eligible medical insurance premiums by qualified unemployed individuals. Funds used for these purposes are taxable.
  • Distributions must begin by age 70½ to avoid IRS penalties.

Contact Us for more information concerning our IRA's!
Traditional IRA Rates


Roth IRA

  • To open, a depositor must earn compensation.
  • Annual contribution up to $5,500 or 100% of earned income, whichever is less. Coordinate with Traditional IRA contributions to ensure limit is not exceeded.
  • Individuals 50 years of age and above may make additional contributions of $1,000 per year.
  • Contributions are not tax-deductible.
  • Interest earnings are tax-free in most cases.
  • Distributions are tax-free as long as the IRA has been open for five years and one of the following applies: the withdrawals occur after age 59½ and are substantially equal periodic distributions; the IRA owner dies or becomes disabled; or, the withdrawal is used for a qualified first home purchase, eligible medical expenses exceeding 7.5% of adjusted gross income; or eligible medical insurance premiums by qualified unemployed individuals. Distributions that do not meet these requirements may be taxable and subject to IRS 10% premature distribution penalty.
  • Distributions may be used for qualified higher education expenses if the IRA has been open for five years. Earnings are taxable, but the distribution would not be subject to an IRS 10% premature distribution penalty.
  • No age requirement for beginning distributions

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Coverdell Educational IRA (ESAs)

  • Purpose is to pay for future qualified education expenses of a designated beneficiary under age 18.
  • Any individual may open a Coverdell ESA for a designated beneficiary.
  • Maximum contributions of $2,000/year.
  • Contributions are not tax-deductible.
  • Interest earnings are tax-free when used for beneficiary's education expenses.
  • Funds must be used by age 30 of the beneficiary; otherwise, Coverdell ESA funds become subject to income taxes and a 10% tax penalty.
  • Funds may be transferred to another designated beneficiary.

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IRA Certificate of Deposits

  • $500 minimum investment.
  • Investment maturity options of 6, 12, 24, 36, 48, and 60 months.
  • Interest compounded and credited quarterly.
  • Fixed rate of interest earned during CD term.
  • IRA CDs are automatically renewable and subject to a penalty for early withdrawal.

Contact Us for more information concerning our IRA's!
View Our Rates