Retirement is just around the corner — whether you’re 25 or 55. Start saving today with tax advantages.*
- Competitive Interest
- No Setup or Maintenance Fees
- Tax Advantages*
- 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; $6,000 as of 2021)
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- $100 minimum periodic deposits
- Early withdrawals subject to penalty**
- $500 minimum deposit to open
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.
- No income limits to open
- 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
- 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- Principal contributions can be withdrawn without penalty2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.
*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**Penalty for early withdrawal is 6 months interest on the amount withdrawn. IRA accounts may start being withdrawn at age 59½ and must start being withdrawn by the age of 70½ . You may make maximum deposits of $6000; plus cost of living adjustment.
All IRAs are separately insured by the FDIC regardless of your other FNB account balances.