Traditional & Roth Individual Retirement Accounts (IRAs)

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.

Individual Retirement Accounts (IRAs)

• $500 minimum deposit
  
• For 2008, individual maximum contribution of $5,000; or $6,000 if over age 50*
  
• For 2008, married couples can contribute $5,000 each ($10,000 total), or $6,000 each ($12,000 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• Early withdrawals are subject to bank penalties and a 10% IRS penalty on the amount withdrawn and there are tax consequences on the amount withdrawn*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*
  
• See personal banking rates
  

Individual Retirement Accounts (IRAs)

• $500 minimum deposit
  
• For 2008, individual maximum contribution of $5,000; $6,000 if over age 50*
  
• For 2008, 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 $99,000 for individuals, and $156,000 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