IRA Accounts

Whether you are looking for an IRA savings account or certificate, we can provide you with an IRA solution. An IRA certificate follows the same guidelines as the Traditional or Roth IRA and requires a $500 minimum opening balance.


Contributions to the Traditional IRA may be tax deductible (consult with your tax advisor). Taxes will be applied to the interest earned during the life of the IRA, but only when drawing money out of the account. In other words, you can use “pre-tax” dollars to make contributions to this account.

When a member retires and withdrawals this money, they may pay a lower tax on this income than when employed and earning a higher salary. If it becomes necessary to withdraw money from this account before age 59 ½, a penalty may be charged. Periodic payments must begin from the Traditional IRA at the age of 70 ½.


A Roth requires payment of income tax on the contributions made – meaning your contributions are in “after-tax” dollars. Qualifying withdrawals are tax-free. Owners of this type of IRA must hold this account for a period of five years and meet one of the several criteria to make penalty-free, tax-free withdrawals of both contributions and earnings.

For questions or more details regarding our IRA program, please contact us.