Retirement Products

Retirement savings options have become increasingly essential as defined benefit pension programs have virtually disappeared and many 401(k) options have contribution limitations. To build for future security, customers can take advantage of our various IRA products to fit their own individual needs

Traditional Individual Retirement Accounts
  • $500 minimum deposit
  • For 2015, individual maximum contribution of $5,500;
    or $6,500 if over age 50*
  • For 2015, married couples can contribute $5,500
    each ($11,000 total), or $6,500 each ($13,000 total) if
    both persons are over age 50*
  • Early withdrawals are subject to bank penalties and a
    10% IRS penalty on the amount withdrawn and there
    are tax consequences on the amount withdrawn*
  • Mandatory withdrawals must begin by April 1st of the
    year after an individual turns 70.5*
  • Contributions are tax deductible depending on income
    levels and other employee retirement plans*
Roth Individual Retirement Accounts
  • $500 minimum deposit
  • For 2015, individual maximum contribution of
    $5,000; $6,000 if over age 50*
  • For 2015, married couples can contribute $5,000
    each ($10,000 total) or $6,000 each ($12,000 total)
    if both persons are over age 50
  • Contribution limits decrease starting with AGI over
    $116,000 for individuals, and $183,000 for joint
    filers*
  • Tax-free withdrawals are permitted under certain circumstances.*
  • Allows for savings contributions after taxes.*

See personal banking rates

* Please consult your tax advisor