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| Personal Banking |
| Savings and Investment Accounts - Individual Retirement Accounts |
- Traditional IRA: For as little as $100.00 you can open an IRA,
and contribute to your account in increments as little as $50.00. Traditional
IRAs are time deposit accounts that allow you to defer the payment of
taxes on earnings until distributed. Certain deposit contributions may
also be tax deductible in the tax year during which they're made depending
upon other existing retirement accounts that you may have. A traditional
IRA may be established if you are under the age of 70 1/2 for most of
the year and have earned income. The annual maximum deposit is $3000.00.
($3500 for eligible participants age 50 or better.)
- Roth IRA: This program allows you to make non-deductible contributions
to your retirement plan without the necessity of reporting the contributions
on your income tax return. Although you cannot deduct your contributions
to a Roth IRA, qualified distributions are tax-free. Contributions can
be made to your Roth IRA after you reach age 70 1/2 and you can leave
amounts in your account as long as you live. The annual maximum deposit
is $3000.00. ($3500 for eligible participants age 50 or better.)
For more specific rates and charges, see our Rates &
Fees Page.
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