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Investments IRA Hero.jpg
Increase your financial flexibility by opening an IRA.

Make retirement planning less taxing

Choose the type of account you want

You can choose to deposit your IRA contributions in a traditional savings account or in an IRA certificate of deposit (CD). See our current CD rates.

Make a tax-deductible contribution

As of 2023, you can contribute up to $6,500 a year to your IRA account if you're younger than 50. After that, you can contribute up to $7,500 a year. These contributions are tax-deductible at the time of contribution.

Avoid penalties for early withdrawal

You can withdraw your money from an IRA at any time—but if you're below the age of 59 and 1/2 years, you may be subject to additional tax penalties except in certain circumstances. 

Start making withdrawals by age 72

Once you reach 72 years of age, you're required to receive a minimum distribution from your account every year. The exact amount will depend on your balance and your estimated life expectancy. Your IRA distribution is subject to state and federal taxes.

How a traditional IRA works

Make retirement planning less taxing

Increase your financial flexibility by opening an IRA

Make your savings work harder with a CD

Get a better return on your savings when you invest in a certificate of deposit. Invest as little as $5 and for as short a period as 3 months.

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