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Retirement is inevitable. By saving up early with a traditional or Roth IRA, you can make sure it’s the one you deserve.

Key Features

  • Competitive Interest
  • No Setup Fees
  • No Monthly or Annual Fees
  • Tax Advantages 1
  • Competitive interest above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,500 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • $100 minimum deposit to open Money Market Investor IRA
  • $500 minimum deposit to open IRA CD (contributory or non-contributory) 

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement. Learn more about the differences below.

  Traditional IRA Roth IRA
Tax Effect2
  • Contributions may be tax deductible
  • Earnings are tax-deferred
  • Distributions are taxable
  • Contributions are not deductible
  • Earnings are tax-deferred
  • Qualified distributions are tax-free
Contribution Limits for 2017 100% of earned income up to $5,500 (or $6,500 if age 50 or over) reduced by Roth IRA contributions 100% of earned income up to $5,500 (or $6,500 if age 50 or over) reduced by Traditional IRA contributions
Contribution Limits for 2018 100% of earned income up to $5,500 (or $6,500 if age 50 or over) reduced by Roth IRA contributions 100% of earned income up to $5,500 (or $6,500 if age 50 or over) reduced by Traditional IRA contributions
Contribution Deadlines Prior year contributions (for 2017) may be made between January 1st - April 17th, 2018   Current year contributions may be made from January 1st - December 31st, 2018 Prior year contributions (for 2017) may be made between January 1st - April 17th, 2018   Current year contributions may be made from January 1st - December 31st, 2018
Eligibility Individuals under the age of 70 ½ who have earned income Individuals who have earned income and fall with the Modified Adjusted Gross Income (MAGI) limits
Minimum Distribution Requirements Required minimum distributions must be taken beginning the year in which an individual turns 70 ½ None
Transfers IRA funds may be transferred from an existing Traditional IRA at another financial institution to Tri City National Bank IRA funds may be transferred from an existing Roth IRA at another financial institution to Tri City National Bank
Rollover Funds from an Employer Sponsored Retirement Plan (i.e. 401(k) Plan) or Traditional IRA may be moved into a Traditional IRA Funds from an Employer Sponsored Retirement Plan (i.e. 401(k) Plan) or a Roth IRA may be rolled into a Roth IRA

1For more information about your potential tax advantages or liabilities, consult with a certified tax professional about what rules apply to your particular financial situation.

2You may receive tax benefits as a result of contributing to an IRA or penalties for early withdrawals. Withdrawals made prior to age 59½ may subject you to tax liabilities and penalties. For more information about your potential tax advantages or liabilities, consult with a certified tax professional about what rules apply to your particular financial situation.