Individual Retirement Accounts (IRA)
We know you’ve worked hard—make your earnings work even harder in the future. Much more than saving for a rainy day, an IRA from ONE AMERICAN BANK is a safeguard for your golden years.
Enjoy peace-of-mind with a competitive interest that grows with you — year after year. With two options that both offer significant tax benefits,* you simply can’t go wrong.
- Competitive interest above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- Annual contribution limits apply
- Additional "catch-up" contribution allowed for ages 50+ (see current contribution limits from the IRS)
- Funds can be used to purchase Certificates of Deposit (CDs) within IRA
- $50 minimum deposit to open
- Traditional Vs. Roth
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59 ½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70 ½
- Income limits to be eligible to open Roth IRA*
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal*
- Principal contributions can be withdrawn without penalty*
- Withdrawals on interest can begin at age 59 ½
- Early withdrawals on interest subject to penalty**
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
*Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.