You can't stop time. But you can use it to your advantage.

 

Someday, you'll say adios to your career. And hola to a new chapter of your life. Whether you plan to kick back in retirement or kick start a new hobby or Harley, you'll need money to allow you to live comfortably. By starting to save early, and by choosing an IRA that offers tax advantages, you'll be able to build up your bankroll and take on any lifestyle you choose.

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Traditional IRA

No delayed gratification here. There's a good chance you'll enjoy present-day tax breaks as you save money for tomorrow.

  • Investments are in rock-solid IRA Certificate Accounts
  • Enjoy potential annual tax deductions
  • Earnings grow tax-deferred
Roth IRAs

Sometimes, it pays to play the long game. The big tax breaks come down the line, when you go to withdraw your funds.

  • Guaranteed returns from IRA Certificate Accounts
  • No taxes on withdrawals
  • Use money for other special circumstances
Account Who can contribute? How much can I contribute? Who can make deductible contributions? What are the tax advantages? When can I withdraw without restrictions?
Traditional IRA

Anyone under age 70 1/2 who has income from compensation (or who is filing jointly with a spouse who earns compensation)Anyone who has received a distribution from a qualified retirement plan and decides to roll over the proceeds of the plan into an IRA

  • $5,500 for 2017
  • $5,500 for 2018 For owners age 50 and older, you have higher limits:
  • $6,500 for 2017
  • $6,500 for 2018 Restrictions:
  • Cannot exceed compensation
  • Reduces contributions that can be made to Roth IRAs

Fully-deductible contributions:

  • Single individuals not active in employer retirement plans
  • Single individuals active in employer retirement plans with MAGI* of less than $62,000 for 2017 and $63,000 for 2018
  • Married couples with neither spouse active in an employer retirement plan
  • Married individuals active in employer retirement plans with joint tax returns showing MAGI* of less than $99,000 for 2017 and $101,000 for 2018
  • Married individuals not active in employer retirement plans
    with spouses who are, as long as MAGI* is $186,000 or less for 2017 or $189,000 or less for 2018.
  • Earnings grow tax-deferred until withdrawn
  • Contributions may be tax-deductible

Withdraw penalty-free for any of the following reasons:

  • Qualified higher-education expenses
  • First-time home purchase**
  • Age 59½
  • Disability
  • Qualifying medical expenses exceeding 7.5% of adjusted gross income
  • Payment to beneficiaries upon the owner’s death
  • Payment of health insurance premiums while unemployed for 12 weeks or longer
Roth IRA

Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following MAGI:*- Up to $118,000 (single filers for 2017)

– Up to $120,000 (single filers for 2018)

– Up to $186,000 (joint filers in 2017)

– Up to $189,000 (joint filers in 2018)

  • Reduced contributions allowed for higher incomes:

-Up to $133,000 (single filers in 2017)

– Up to $135,000 (single filers in 2018)

– Up to $196,000 (joint filers in 2017)

– Up to $199,000 (joint filers in 2018)

  • Persons who are married and filing separately with incomes: – Up to $10,000
  • $5,500 for 2017
  • $5,500 for 2018 For owners age 50 and older, you have higher limits:
  • $6,500 for 2017
  • $6,500 for 2018 Restrictions:
  • Cannot exceed compensation
  • Reduces contributions that can be made to traditional IRAs

No one can deduct contributions

  • Earnings are tax-free if account is open for five tax years and withdrawn for a qualified reason (age 59½, disability, death or a first-time home purchase**)
  • Not required to start withdrawals at age 70 1/2
  • Regular contributions can be withdrawn tax-free and penalty-free at any time
  • After the account has been open five tax years, earnings can be withdrawn tax-free and penalty-free for any of these reasons: age 59½, disability, death, or a first-time home

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Enjoy the double benefits of growing your money at a higher rate while accessing funds anytime.

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Enjoy the double benefits of growing your money at a higher rate while accessing funds anytime.

Achieve More

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