Individual Retirement Accounts (IRAs)

Many of us — of all ages — are pondering our retirement. "How much money will I have? Will it be enough to just live, or will I be set up to truly enjoy my post-career life?"

Don't wait! Honor all your years of hard work by building your retirement reward today. Thanks to Traditional and Roth IRAs, you can choose the strategy that best fits your life.

Visit your nearest Sutton Bank branch to open.

IRAs
  • Competitive interest above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,500 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • $100 minimum deposit to open Variable Rate IRA
    • All others require a $1,000 minimum balance
Traditional vs Roth IRA

There are advantages to both Traditional and Roth IRAs.

One of the most significant differences is the time at which you see the most payback advantage. A Traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the greatest tax benefit when you retire.

Select a traditional IRA if you foresee upcoming expenses important enough to take the tax hit. Choosing a Roth IRA is choosing to truly prioritize your retirement, with built-in tax incentives to let the money stay put. Sutton Bank's personal bankers will guide you through the process to find the best fit for you.

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  • Principal contributions can be withdrawn without penalty*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

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

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

***Consult a tax advisor.