Individual Retirement Accounts (IRAs)

Retirement is just around the corner — whether you’re 25 or 55. Start saving today with tax advantages.*

Rates

Key Features

  • Competitive Interest
  • No Setup or Maintenance Fees
  • Tax Advantages*
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  • Tax-advantaged retirement savings*
  • Competitive interest above standard savings rates 
  • Traditional and Roth IRA options 
  • No setup fees 
  • No monthly or annual maintenance fees
  • Annual fee of $25 if customer does not have another checking/savings/loan/safe deposit box account with FNB 
  • Annual contribution limits apply (see current contribution limits)
  • Additional "catch-up" contribution allowed for ages 50+ 
  • $100 minimum periodic deposits
  • Early withdrawals subject to penalty**
  • $500 minimum deposit to open
  • You have to be earning income to be eligible to contribute on both

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.

Traditional IRA 

  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax2
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty3
  • Mandatory withdrawals at age 72
  • Traditional IRA holders can make contributions even after starting RMD’s

Roth IRA 

  • Income limits to be eligible to open Roth IRA1
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal2
  • Principal contributions can be withdrawn without penalty2
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty3
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

1Consult a tax advisor.

2Subject to some minimal conditions. Consult a tax advisor.

3Certain exceptions apply, such as healthcare, purchasing first home, etc.

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*Consult a tax advisor. The maximum you may deduct from your taxes will be based on earnings for the year whether or not you or your spouse are covered by a pension plan. It is advisable to check with your tax consultant in order to determine how much of your contribution may be deductible.

**Penalty for early withdrawal is 6 months interest on the amount withdrawn. IRA accounts may start being withdrawn at age 59½ and must start being withdrawn by the age of 73 . You may make maximum deposit limits; plus cost of living adjustment.

All IRAs are separately insured by the FDIC regardless of your other FNB account balances.