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Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)

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)
  • $50 minimum deposit to open
  • Funds can be used to purchase Certificates of Deposit (CDs) within IRA
    • See CD minimum deposit requirements.

Traditional IRA

  • 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

Roth IRA

  • 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  • Principal contributions can be withdrawn without penalty*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.