Personal / IRAs

Premier Individual Retirement Accounts

Looking for tax benefits on your earnings as you build for retirement? Premier Bank’s Traditional and Roth Individual Retirement Accounts are a great tool for saving.

Traditional IRAs
Minimize your taxes now through a deduction.
The Traditional IRA allows you to defer taxes on earnings on your contributions until they are withdrawn. This is a tax-deferred investment with a possible tax deduction.

Roth IRAs
Minimize your taxes in the future with tax-free earnings.
The Roth IRA allows only nondeductible contributions and features tax-free withdrawals for certain distribution reasons after a 5 year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they're earned, if you expect to be in a higher tax bracket when you retire, you may benefit more  from a Roth IRA than from a Traditional IRA.

Premier Personal IRA offerings:

 

Term Minimum Opening Deposit Compounding Frequency Early Withdrawal  Penalty
1 Year Varies weekly by bank At Maturity 6 Months
2 Year Varies weekly by bank Annually 6 Months
3 Year Varies weekly by bank Annually 18 Months
4 Year Varies weekly by bank Annually 24 Months
5 Year Varies weekly by bank Annually 30 Months

Contact a Premier Banker at a location nearest you for details, eligibility, or to establish an IRA.

Premier Banks does not provide tax or legal advice. Please consult with your tax and legal advisors to determine how this information may impact your own situation.

 

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