Spending time with the grandkids or traveling the world — it's never too early to start thinking about your future. Start saving for it, too, with a Traditional, Roth, or Open IRA from Guaranty Bank.

Details
  • Tax-advantaged retirement savings1
  • May earn higher rate than traditional savings
  • Terms ranging from 1 to 6 years
  • Traditional and Roth IRA options
  • No setup charges
  • No monthly or annual maintenance charges
  • $5,500 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds used to purchase CDs within IRA
  • $1,000 minimum deposit to open

1Consult a tax advisor.

Traditional vs. Roth

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 income limits to open
  • No minimum contribution in any year allowing flexibility
  • Contributions may be tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70½
  • Members under age 70½ may contribute $5K maximum per year

Roth IRA

  • No minimum amount to set up
  • Income limits to be eligible to open Roth IRA3
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Qualified Withdrawals on dividends can begin at age 59½
  • Early withdrawals on dividends subject to penalty2
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

1Subject to some minimal conditions. Consult a tax advisor.

2Certain exceptions apply, such as healthcare, purchasing first home, etc.

3Consult a tax advisor.

Open IRA

Guaranty Bank also offers an Open IRA, which provides additional flexibility to your retirement savings contribution planning.

  • Tax-advantaged retirement savings*
  • May earn higher rate than traditional savings
  • Only available in 2-year term
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds used to purchase renewable 2-year CD within IRA
  • Additional deposits can be made at any time to make saving easier ($25 minimum)
  • Automatic deposits can be set up from any bank account
  • $25 minimum deposit to open

*Consult a tax advisor.