Roth IRA

 

A Roth IRA is a savings plan established by an individual. The maximum contribution amount that can be made is $5,000 or 100% of earned income if compensation is less per year. (Earned income is defined as that income which a person works for, such as a salary. Pension, Social Security and disability payments do not qualify as earned income.) If you are over age 50, you may contribute an additional $1,000 each tax year as a "catch-up" contribution.

These contributions are not tax deductible and, when withdrawn in accordance with IRS regulations, both contributions and interest earnings are tax-free.

The Roth IRA also provides limited authority for withdrawing funds prior to retirement for the purchase of a first home and education.

 

 

Interested in opening a Roth IRA or learning more?

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Product / Term Minimum
to Open		 Interest Rate APY
Floating Rate CD $0 to $999 0.07% 0.07%
Floating Rate CD $1,000 - $24,999 0.09% 0.09%
Floating Rate CD $25,000 - $49,999 0.11% 0.11%
Floating Rate CD $50,000 - $74,999 0.16% 0.16%
Floating Rate CD $75,000 and over 0.22% 0.22%
1 Year Fixed Rate CD $500 0.21% 0.21%
3 Year Fixed Rate CD $500 0.56% 0.56%
5 Year Fixed Rate CD $500 1.14% 1.15%
7 Year Fixed Rate CD $2,000 1.33% 1.34%
Special 15 Month CD $500  0.32%  0.32%
Special 30 Month CD $500  0.56%  0.56%
Special 45 Month CD $500  1.26%  1.27%
* A penalty may be imposed
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