Individual Retirement Accounts (IRA) | Springfield, MO – Nixa, MO – Ozark, MO | Guaranty Bank

Plan today, relax tomorrow with a Guaranty Bank IRA. We offer Traditional, Roth and Open IRAs, all with different characteristics and advantages to meet your retirement savings goals. Start earning competitive interest right away with these customizable plans.

Details
  • Tax-advantaged retirement savings*
  • 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

*Consult 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 tax*
    • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
    • Withdrawals can begin at age 59½
    • Early withdrawals subject to penalty**
    • 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 IRA***
    • Contributions are NOT tax deductible
    • Earnings are 100% tax free at withdrawal*
    • Principal contributions can be withdrawn without penalty*
    • Qualified Withdrawals on dividends can begin at age 59½
    • Early withdrawals on dividends subject to penalty**
    • No mandatory distribution age
    • No age limit on making contributions as long as you have earned income

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

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

    ***Consult 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.