Traditional IRA
Preparing a nest egg as you plan for the future? A tax-deferred Traditional IRA can be a suitable saving solution. Contributions to a Traditional IRA may be tax-deductible depending on the taxpayer’s income, tax filing status and other factors.
Features
- A qualified retirement plan in which earnings grow tax deferred.
- Contributions to a Traditional IRA are generally deductible for tax purposes, and there are income and contribution limits.
- Penalty-free withdrawal also can be taken under certain other circumstances, such as after the owner’s death.
- Traditional IRA owner is required to take minimum annual withdrawals.
- For 2024, your total contributions to all of your traditional and Roth IRAs cannot be more than: $7000 ($8000 if you’re age 50 or older), or. your taxable compensation for the year, if your compensation was less than this dollar limit.
- Available in terms 12, 18, 24, 36, 48 or 60 months
- Interest credited monthly
- Contributions may be full or partially deductible*
- $10 minimum deposit to open
We encourage you to consult with your tax professional for more information & to see if this account is right for you.
There may be a substantial penalty for early withdrawal of IRA Certificate of Deposits.
How to Open
To open an account, simply visit one of our convenient locations during normal business hours.
If you have questions, we are ready to help.
