Individual Retirement Accounts (IRAs)
Northwest Arkansas is a perfect place to live and retire. We can help ensure you retire comfortably with approachable IRAs to secure your future financial security.
It only takes a $100 minimum to deposit to open either a traditional or Roth IRA with us, and we never charge setup or maintenance fees. Use CDs within your IRA to maximize returns, and let the beauty of compound interest make your money grow.
- Summary
- No setup or annual fees
- Great tax-saving benefits
- Only $100 minimum deposit to open
- Some early withdrawal penalties apply
- $5,000 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase stocks, bonds, CDs, etc.
- FDIC insured
- Traditional IRA
Anyone under age 70½ can open a traditional IRA and gain immediate tax relief while preparing for a sound financial future.
- Interest earnings are tax deferred
- Current income grows tax free
- Contributions can be deducted from income tax returns*
- Withdrawals can begin at age 59½
- Mandatory withdrawals at age 70½
- Early withdrawals subject to penalty**
- FDIC insured
*Consult with a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
- Roth IRA
A Roth IRA doesn't give the immediate tax relief of a traditional IRA, but could yield greater tax savings in the long run.
- Earnings and principal are 100% tax free upon withdrawal
- Contributions are not tax deductible
- To open a Roth IRA, income must be less than $95,000 annually (or $150,000 for married couples)
- Principal contributions can be withdrawn without penalty*
- Early withdrawals on interest subject to penalty**
- No mandatory distribution age
- FDIC insured
*Subject to some minimal conditions.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
