Individual Retirement Accounts (IRAs)
An Impact IRA is a low risk, no stress way to plan for a comfortable retirement.
Competitive Dividends
No setup fee
No monthly or yearly fees
Features & Benefits
- Potential Tax benefits
- Competitive dividends above standard savings rates
- Traditional and Roth IRA options
- Flexible terms - IRA savings or term certificates
- No setup fees
- No monthly or annual maintenance fees
- $500 minimum deposit to open
- Free Online & Mobile Banking
- Free eStatements
Traditional vs. Roth
Traditional and Roth IRA accounts provide tax advantages for retirement savings. Both deliver financial security when you retire.
Traditional IRA
- Contributions are made pre-tax, reduce in year taxable income
- Distributions in retirement are taxed as ordinary income
- Withdrawals of contributions and earnings are taxed
- Required Minimum Distributions (RMDs) apply
Roth IRA
- Contributions are made after tax, no effect on in year taxable income
- Qualified distributions in retirement are not taxed
- Withdrawals of contributions and earnings are not taxed under certain circumstances
- No Required Minimum Distributions (RMDs)