Whether it’s spoiling your grandkids or growing your Red Sox card collection, we’ll help you retire the way you want.
Key Features
- Competitive Interest
- Tax Advantages*
- No Setup Fees
Details
- IRA Money Market or IRA CDs available for tax-advantaged retirement savings*
- Certified IRA Specialist assistance for questions and rollovers
- Competitive interest above standard savings rates; see our rates
- Traditional and Roth IRA options
- No setup fees
- All deposits are insured in full, with FDIC and DIF coverage
- Funds can be used to purchase CDs within IRA
- $500 minimum deposit to open
- Visit our Retirement Central for planning tools, informative articles, and more
- Schedule an appointment with one of our certified IRA specialists to learn more
- See our IRA brochures
Visit our FAQ page to learn more.
*Consult a tax advisor.
Traditional vs. Roth
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most 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 lower tax bracket)
- Withdrawals can begin at age 59 ½
- Early withdrawals subject to penalty2
- Mandatory withdrawals at age 70 ½
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- Principal contributions can be withdrawn without penalty1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 59 ½
- Early withdrawals on interest subject to penalty2
- No mandatory distribution ages
- No age limit on making contributions as long as you have earned income
Visit our FAQ page to learn more.
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.