IRAs
IRAs are a powerful, tax-advantaged way to save for retirement. We offer two options, Traditional and Roth. The primary difference between them is the timing of their tax breaks:
- With a Traditional IRA, earnings on your investment are tax deferred; you pay taxes when you take distributions in retirement (or if you make withdrawals prior to retirement).
- A Roth IRA operates in reverse. You pay taxes upfront, because your contributions are not deductible, and the earnings on your investments grow tax-free.
Both Traditional and Roth IRAs come with eligibility rules and restrictions that determine how much you can contribute. Visit irs.gov for a comprehensive guide on both plans. As with any investment decision that will involve your taxes, you should consult a professional tax advisor.
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Minimum Balance | Annual Percentage Yield | |
Traditional | $5 | 0.50% |
Roth | $5 | 0.50% |