Would you like your tax break now or later?1 We’ve got high-interest IRAs with no setup or maintenance fees for either option.
Key Features
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Competitive Interest
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Tax Advantages1
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No Setup or Maintenance Fees
Details
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- Save for retirement with tax advantages1
- Competitive interest above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase CDs within IRA
- $50 minimum deposit to open
1Consult a tax advisor.
Contribution Limits
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Coverage | Contribution Limit 2022 | Contribution Limit 2021 |
---|---|---|
Under 50 years of age | $6,000 | $6,000 |
Age 50 and over | $7,000 | $7,000 |
Traditional vs. Roth
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When would you like to enjoy your tax advantage? A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
Traditional IRA
- No income limits to open
- No minimum contribution requirement
- Contributions are tax-deductible on state and federal income tax1
- Earnings are tax-deferred until withdrawal (when usually in a lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty2
- Mandatory withdrawals at age 72
Roth IRA
- Income limits to be eligible to open Roth IRA3
- Contributions are NOT tax-deductible
- Earnings are 100% tax-free at withdrawal1
- Principal contributions can be withdrawn without penalty1
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty2
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
1Subject to some conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.