Retirement Accounts

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Want to supercharge your savings and get a little tax relief? Individual Retirement Accounts (IRAs) are just the thing. While they are perfect for supplementing your retirement these accounts can also be used for other qualified expenses.

Take a look at the chart below that briefly compares the Traditional, Roth and Coverdell IRAs. We also offer IRA Share Accounts and IRA Share Certificates. An IRA Share Account requires a minimum deposit of $25. IRA Share Certificates require a minimum deposit of $500 and are offered in the following maturities: 3, 6, 12, 18, 24, 30, 36, 48, and 60 months.

IRA accounts are safe, guaranteed and insured.

Compare IRA Accounts
Traditional IRA Roth IRA Coverdell Education Savings Account
Traditional retirement savings account. Can be used to rollover your 401(k) from a previous employer. Mostly used for retirement savings, but can also be used for qualifying first home purchase, education and medical expenses. Previously known as an Education IRA. Can be used for qualifying elementary, secondary and post-secondary education expenses.
Contributions
Contributions are tax-deductible depending on your income, marital status, and whether you have a retirement plan at work. Contributions are not tax-deductible. Contributions are not tax-deductible.
Withdrawals
Taxes are deferred on earnings. Withdrawals can be made IRS penalty-free at age 59-1/2 and are taxed as ordinary income.

Additional benefit comes from possibly being in a lower tax bracket at retirement age.
The original contributions can be withdrawn at any time. Withdrawals of earnings are tax-free if the account has been open for at least 5 years plus one of the following:
  • Age 59-1/2
  • Qualifying first home purchase
  • Disability
  • Death
You may also make IRS penalty free withdrawals for other qualifying expenses.
Earnings and withdrawals are tax-free and IRS penalty-free when used for qualified expenses.

Click here to view our IRA rates.