Thinking about retirement? Well you should. And it’s never too early or too late to start saving.

Rates

Key Features

  • Competitive Interest
  • Tax Advantages1
  • No Setup or Maintenance Fees
  • Save for retirement with tax advantages*
  • Competitive interest above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • Annual contribution limits apply*
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • $500 minimum deposit to open ($100 for 30-month fixed)

Visit Community Compass for a quick, 5-minute lesson on how to start or optimize your approach to retirement savings. Then, learn more about the IRA and 401(k) as tools for retirement savings.

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 59½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 72
  • No age limit on making contributions as long as you have earned income

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  • Principal contributions can be withdrawn without penalty1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 conditions. Consult a tax advisor.

2Certain exceptions apply. Consult a tax advisor

3Consult a tax advisor.

Create an easier transition into college for yourself and your student by setting up a savings account early. A Coverdell Education Savings Account (ESA) provides a tax-free safe place to grow competitive dividends and also financial confidence for a new stage in life.

  • Set aside funds for your child's education
  • No setup or annual fee
  • Dividends grow tax-free
  • Withdrawals are tax-free and penalty-free when used for qualified education expenses1
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply2
  • Contributions are not tax deductible
  • The money must be withdrawn by the time he or she turns 303
  • $500 minimum deposit to open ($100 for 30-month fixed)

1Qualified expenses include tuition and fees, books, supplies, board, etc.

2Consult your tax advisor to determine your contribution limit.

3Those earnings are subject to income tax and a 10% penalty.

1Consult a tax advisor.