Increase your retirement savings potential with a Roth-IRA. Contributions to your Roth IRA’s are not tax deductible when they are made; withdrawals made during retirement years are tax-free.
- A qualified retirement plan in which earnings grow tax deferred and distributions are tax free.
- Contributions to a Roth IRA are generally not deductible for tax purposes, and there are income and contribution limits. Roth IRA contributions cannot be made by taxpayers with high incomes.
- To qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a five-year holding requirement and occur after age 59½.
- Tax-free and penalty-free withdrawal also can be taken under certain other circumstances, such as after the owner’s death.
- The original Roth IRA owner is not required to take minimum annual withdrawals.
- For 2016, your total contributions to all of your traditional and Roth IRAs cannot be more than: $5,500 ($6,500 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
- You can keep contributing to a Roth IRA even after reaching the age on 70 ½ provided that you are still earning income
Requirements: (Minimum balance, minimum deposit, etc.)
- $10 minimum opening deposit required
We encourage you to seek 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’re always happy to help.View Rates