Personal Banking

Traditional & Roth IRAs

Did you know that you have until April 15th of the current year to make Traditional IRA contributions for the prior year and reduce your taxable income?*

Individuals age 50 and over are allowed to make an additional catch-up contribution. Contributions to Traditional IRAs are tax deductible, meaning you can decrease your taxable income by the amount of your contribution.

* Roth IRA contributions are tax-deferred, meaning you do not receive an up-front tax-deduction, but you pay taxes on contributions or earnings when the funds are withdrawn for a qualified use.
* Contributions may vary. Please consult with your tax advisor for more details regarding deductions, taxable income specifications and what determines a qualified withdrawal.

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