Individual Retirement Accounts (IRAs)

More Details About Retirement Savings Accounts

• Tax-advantaged retirement savings¹
• Interest rates well above standard savings
• Traditional and Roth IRAs available
• No setup fees
• No monthly or annual maintenance fees
• $5,500 contribution limit per year
• Additional "catch-up" contribution allowed for ages 50+
• Funds can be used to purchase CDs within IRA
• $1,000 minimum deposit to open

Traditional IRA vs. Roth IRA

There are two kinds of IRA, each with distinct features and tax advantages¹. A tax advisor may be able to help you decide which one will best fit your retirement goals.

Traditional IRA

• No income limits to open
• No minimum contribution in any year
• Contributions are tax deductible on state and federal income tax¹
• Earnings are tax deferred until withdrawal
• Withdrawals can begin at age 59½
• Early withdrawals subject to penalty²
• Mandatory withdrawals at age 70½

Roth IRA

• Need to meet income limits to be eligible
• 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• Principal contributions can be withdrawn without penalty¹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

What is the IRA catch-up period?

Accountholders age 50+ can contribute an extra $1,000 per year beyond the standard contribution limit. This is known as a “catch-up” contribution to help people who are behind on their retirement savings goals catch up before they retire.

Open an Individual Retirement Account!

To learn more about our Traditional and Roth IRAs, visit your nearest branch location in Edmond, Yukon, Guthrie, Kingfisher, Piedmont, or Crescent, OK. You can also apply online quickly and conveniently from the comfort of your home! Check out our other long-term savings account options, such as Money Market Accounts and CDs.