Roth IRA Accounts
The Roth IRA is an individual retirement account that features tax-free withdrawals for certain types of distributions.
Building for the future, together.
Whether you’re looking to grow your retirement funds or save money down the road, we’re confident we can show you how to open a Roth IRA that’s personally formulated to your long-term needs. A Roth IRA account has many benefits such as tax-free withdrawals, making it a solid money-saving option for those who anticipate moving up to a higher tax bracket later in life. Additionally, a Roth IRA certificate of deposit (CD) is a government-backed investment option for those interested in letting retirement savings grow interest over time. Learn more about setting up a Roth IRA below.
Roth IRA certificates of deposit
ACCOUNT DETAILS:
- $500 minimum deposit to open
- Terms ranging from seven days to 120 months
- 10-day grace period
- At the time of renewal, the interest credited to the account becomes part of the principal for the next term
- Low annual fee of $5 that covers all accounts under the retirement plan
- Distributions without penalty if you are over the age of 59½
Roth IRA savings account
ACCOUNT DETAILS:
- Appeals to those who want to save for retirement a little at a time
- An initial deposit is required at the time the account is established
- Low annual fee of $5 that covers all accounts under the retirement plan
- Interest paid monthly
- 24-hour telephone banking
- Preferred CD rates available by keeping $5,000 or more in combined checking, savings, and money market accounts1
- Ability to view principal and paid interest online when you open a checking, money market or savings account
Visit us at any First Commercial Bank location to get started.
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Please visit your nearest First Commercial Bank branch to learn more about IRAs.
To contribute to a Roth IRA, you or your spouse must have earned income, and your modified adjusted gross income (MAGI) may not exceed certain limits. Withdrawals from Roth IRAs before age 59 1/2 may be subject to taxes at your current rate, a 10% federal additional tax, and possible state tax. Please consult a tax or legal expert for advice before making contributions, withdrawals or other investment decisions. For Roth IRA CDs, we may assess fees for withdrawals before the maturity date. For Roth IRA Savings, a $500 deposit is required to open the account. Fees may reduce earnings. Accounts will be FDIC insured up to the maximum amount allowed by law.
1Excludes promotional rates.